Canon back to profit as global economy gains recovery momentum

Second-quarter net sales of Canon jumped 31 percent as the company posted Q2 net income of 61.15 billion Japanese yen or $A750 million, compared to last year’s Q2 loss of 8.84bn yen ($A110 million). In the production market, demand for printing posters and flyers increased in Europe and the US due to the reopening of stores and events. Canon’s operating profit was 77.27 billion Yen, compared to a loss of 17.76 billion Yen in the prior corresponding period. Second-quarter net sales jumped 31 percent to 881.93 billion Yen.

A source from the company stated that in the US, economic recovery advanced as a result of the rapid normalization of economic activities and the continued increase in personal consumption and expansion of capital investment. In Europe, restrictions on economic activities were gradually eased in each country, and the economy began to recover due to such factors as an increase in exports. In China, the economic recovery continued as a result of the easing of government restrictions due to a decrease in the number of new infections and the continued expansion of domestic demand and exports.