Japanese tech maker Canon saw its profit strongly diminished by the strong national currency and the impact of last year’s natural disasters in Japan and Thailand.
“It was an extremely tough year for our group’s businesses because of historic highs for the yen on top of the (March) earthquake disaster and floods (in Thailand),” Canon said on Monday in a statement.
Sales dropped by 4 percent to Y3.56 trillion in 2011, while net profit rose slightly to Y248.6 billion, from Y246.6 billion the previous year.
The strong yen reduced Canon’s operating profit by about Y83 billion, the company said.
Record high levels of the Japanese currency affected many exporters, which saw their revenues and profits reduced.
“For the second half, we recovered from a sizable business slump resulting from the disaster while absorbing the impact of the floods and the yen’s appreciation,” Canon said.
The company expects improving results for the next year, with sales projected at Y3.75 trillion and net profit at Y390 billion.