According to Canon, the result was affected by the overall economic situation, which resulted in a decrease in corporate and consumer spending as well as by unfavorable currency ratios.
Canon’s camera sales decreased 24.4 percent to Yen 165.5 billion (Euro 1.27 billion), mainly due to a mix of falling average sales prices and stagnant market conditions in the digital compact camera segment and the appreciation of the Yen. Sales of DSLR cameras, on the other hand, continued to grow.
The operating profit in Canon’s camera business declined by 82.9 percent to Yen 7.8 billion (Euro 60.2 million).
Canon’s sales in Europe decreased by 37.9 percent to Yen 208.9 billion (Euro 1.607 billion) in the first quarter, with an operating profit of Yen 8.3 billion (Euro 63.8 million), a minus of 34.4.percent. In the Americas, the company recorded sales of Yen 171.1 billion (Euro 1.32 billion), a decrease of 36.5 percent compared with last year’s first quarter, with an operating loss of Yen 139 million (Euro 1.07 million) compared with a profit of Yen 4.9 billion (Euro 37.7 million) in the first quarter of 2008.
For the full year, Canon has revised its previously announced projections and now anticipates net sales of Yen 3,330.0 billion (Euro 25.6 billion) with an operating profit of Yen 180 billion (Euro 1.38 billion) and a net result of Yen 110 billion (Euro 846 million), approximately 12 percent more than in the previous forecast.