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Canon fourth quarter profit tumbles, hurt by yen strength after Brexit decision

Published 31/01/2017, 06:20
© Reuters. FILE PHOTO -  A logo of Canon Inc is pictured at the 3D and Virtual Reality Expo in Tokyo
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TOKYO (Reuters) - Japan's Canon Inc (T:7751), the world's biggest maker of cameras and printers, said on Tuesday fourth-quarter operating profit fell 25.1 percent, after the yen strengthened following Britain's vote in June to leave the European Union.

Operating profit for the three months to Dec. 31 declined to 80.2 billion yen (565 million pounds) from 107 billion yen a year earlier, below a consensus estimate of 88.5 billion yen from four analysts polled by Thomson Reuters I/B/E/S.

It forecast operating profit to rise 11.5 percent in 2017, the first gain in three years, to 255 billion yen. That compares with an average analyst estimate of 254 billion yen.

© Reuters. FILE PHOTO -  A logo of Canon Inc is pictured at the 3D and Virtual Reality Expo in Tokyo

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