Canon Inc., one of Japan's largest exporters, said Wednesday that net profit fell by over a third last year as a stronger yen ate into overseas profits and sales dropped for almost all of its products.
The maker of cameras, copiers and printers said it had a dismal fourth quarter and expects the coming business year to be even worse, forecasting a 70 percent plunge in profit.
Canon said net profit for 2008 fell to ¥309.15 billion, down 37 percent from the ¥488.33 billion it made last year. Revenues fell 9 percent to ¥4.09 trillion from ¥4.48 trillion.