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Canon Profit Plunges

1/28/2009 10:22:00 AM Eastern

Tokyo – Canon’s net profit for the fourth quarter plummeted 91 percent to $127 million vs. the year ago period.

For the year, net profits fell 36.7 percent to $3.4 billion and sales slumped 8.6 percent vs. the year ago period. Weak demand for office machines and digital cameras plus a strengthening yen hurt the imaging firm.

While Canon said it enjoyed a 4 percent increase in digital camera unit sales, revenues dropped 9.6 percent on falling prices for compacts.

Canon said it expected its digital camera unit sales to be down 7 percent in 2009.