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Canon upbeat despite strong yen

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Canon upbeat despite strong yen
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Japan’s Canon seems to be surviving the impact of the strong yen on its overseas earnings.

The world’s biggest maker of digital cameras said strong sales of those and office equipment such as copiers and printers helped its quarterly profit jump 74 percent from the same period last year.

It also raised its profit outlook for this year even though the pace of earnings growth may be slowing.

For the full year to December 31, Canon now expects operating profit of 390 billion yen (3.46 billion euros) versus a previous forecast of 360 billion yen.

The company lifted its forecast for digital camera sales for 2010 to 5.7 million from 5.5 million. Earnings from office equipment jumped 30 percent.

Last month, Cannon’s Chairman Fujio Mitarai said he was keen to pursue mergers and acquisition opportunities in medical and industrial technology.