Canon Inc., the world's largest maker of cameras, said Thursday it cut its annual profit and sales forecasts after the March 11 disasters disrupted production.
Net income in the year ending in December will probably fall 11 percent to ¥220 billion, Tokyo-based Canon said in a statement, abandoning its previous forecast for a 26 percent increase. Canon also cut its projections for operating profit and revenue.
The disaster will cost about ¥314.4 billion in lost sales and ¥197.7 billion in operating income this year, said Canon, the largest manufacturer by market value to revise earnings projections since last month. The earthquake and tsunami disrupted its production of cameras, lenses, ink-jet printer devices and chip-making equipment.