TOKYO: Canon Inc. on Thursday reported a consolidated net profit of 21,906 million yen for January-March, down 30.0 pct from the same period of last year, due to the fallout of the coronavirus pandemic.

Sales in the first three months of the Japanese firm's current business year dropped 9.5 pct to 782,312 million yen.

Canon saw sluggish sales of multifunctional printers for offices and cameras with interchangeable lens as many countries urged people to refrain from going outside amid the pandemic.

The production of some items, such as laser printers, was delayed, which in turn led to supply shortages and sales drops.

Canon withdrew its group earnings forecasts for the full year to December, noting that rationally estimating business performances is difficult because it is unclear when the viral crisis will be contained. The company previously estimated sales at 3.7 trillion yen for the year, up from some 3,593,299 million yen in the preceding year, and net profit at 160 billion yen, up from 125,105 million yen.

"A fall in consumer confidence and restrained sales activities will hit our business even harder in and after the second quarter," Canon Executive Vice President Toshizo Tanaka said at a press conference via phone.

Canon plans to cut costs thoroughly and reduce capital spending to brace for a worse business environment, he said.

JIJI Press