Japan's Canon reported an 88 percent fall in quarterly profit, hit by slumping demand for copiers and printers. Demand for office machines and their supplies such as toner cartridges remained weak as the global financial crisis made the replacement cycle of copiers and printers longer and prompted corporate clients not to use them as heavily as before.
Canon, whose other competitors include Xerox and Ricoh, earlier this month delayed the construction of a toner cartridge components plant in western Japan for a second time, underscoring weak demand.
But Canon's overseas sales have been boosted by softer-than-expected yen. The company also said it would aim to cut 172 billion yen in costs this year, 60 billion yen more than originally planned.
Source: www.reuters.com
Key words: Canon, market, profit, crisis
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