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Office machines manufacturer reports profit decline
26/10/2007 17:00
Canon, the most profitable Japanese office equipment manufacturer, has reported a decline in its profits due to a foreign-currency loss.
Net income for the office machines giant decreased to 105.3 billion yen (£448 million) from 115.6 billion yen during the same quarter the previous year.
Meanwhile, sales of Canon's products - which include office machines such as printers - increased 6.4 per cent to 1.05 trillion yen.
Since the majority (79 per cent) of Canon's office products are sold overseas, it is more vulnerable to volatility regarding foreign currency exchange, experts have suggested.
"Within the office imaging products market, sales of network digital multifunction devices remained solid as demand shifted in all regions toward color models and advanced functionality," Canon said in a statement.
"Among inkjet printers, as the shift in demand from single-function to multifunction machines gained momentum, price competition for multifunction models increased in severity."
It added that both monochrome and colour laser office machines - which utilise printer cartridges - were in demand.
In related office machines news, attendees at the Sustainable Energy Fair and Solar Tour 2007 in California were recently offered free entry if they brought in empty printer cartridges.
At Paperstone we can supply your firm with a wide selection of office equipment.
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