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Canon Q2 profit falls YOY

Canon Inc. said its normalized net income for the second quarter amounted to ¥56.62 per share, a decrease of 10.1% from ¥62.96 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥61.84 billion, a decrease of 11.8% from ¥70.10 billion in the year-earlier period.

The normalized profit margin fell to 6.3% from 7.6% in the year-earlier period.

Total revenue grew 5.1% on an annual basis to ¥974.41 billion from ¥926.80 billion, and total operating expenses grew 6.5% on an annual basis to ¥869.69 billion from ¥816.25 billion.

Reported net income fell 15.7% on an annual basis to ¥68.19 billion, or ¥62.44 per share, from ¥80.85 billion, or ¥72.61 per share.

As of July 27, US$1 was equivalent to ¥123.11.