Canon cuts profit forecast

Canon said it now expects to book a net profit of 250 billion yen (US$3,2 billion) in 2012, down from the 290 billion yen it had forecast in April.
The maker of PowerShot digital cameras and                         office equipment also cut its operating profit estimate to 390 billion yen from 450 billion yen while lowering                        its sales outlook to 3,69 trillion yen from 3,90 trillion                   yen.
“The global economy is expected to continue (to show) low growth . . . as the European debt crisis has caused uncertainty,” Canon said in a statement.
The revised earnings estimates were largely due to weakness in export markets and currency fluctuations, said Canon, whose overseas revenue accounts for about 80 percent of its sales. — AFP.