TOKYO–Japan’s Canon said Wednesday that net profit grew 10.5 percent in 2014 owing to the impact of a weak yen and cost cuts as well as strong demand for its office equipment. The camera and copier maker’s annual profit came in at 254.8 billion yen (US$2.2 billion), while operating profit rose 7.8 percent from a year ago to 363.5 billion yen. Sales edged down 0.1 percent to 3.7 trillion yen but the profit gains came thanks to ��continuous cost-cutting activities and the yen’s depreciation,�� Canon said.
Japan’s currency has declined sharply against the dollar recently, a plus for exporters as it inflates the value of repatriated overseas income.
��Demand for office multifunction devices and laser printers maintained steady growth,�� Canon said. But it added ��demand for interchangeable-lens digital cameras continued to face harsh conditions due to the economic slowdown. ��As for digital compact cameras, demand continued to shrink in both developed countries and emerging markets.��