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Canon Q1 profit climbs 65.7% YOY

Canon Inc. said its first-quarter normalized net income amounted to ¥41.97 per share, an increase of 65.7% from ¥25.32 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥45.84 billion, a gain of 65.7% from ¥27.66 billion in the prior-year period.

The normalized profit margin rose to 4.7% from 3.5% in the year-earlier period.

Total revenue rose 22.0% on an annual basis to ¥972.76 billion from ¥797.23 billion, and total operating expenses increased 18.5% from the prior-year period to ¥897.10 billion from ¥757.14 billion.

Reported net income increased 96.8% year over year to ¥55.08 billion, or ¥50.44 per share, from ¥27.99 billion, or ¥25.63 per share.

As of May 12, US$1 was equivalent to ¥113.22.