RTTNews | Jul 28, 2020 03:25AM EDT

03:25 Tuesday, July 28, 2020 (RTTNews.com) - Digital camera maker Canon Inc. (CAJ) reported Tuesday that its second-quarter attributable net loss was 8.84 billion Japanese yen or $81.81 million, compared to last year's profit of 34.52 billion yen.

Loss per share was 8.45 yen or $0.08, compared to profit of 32.20 yen last year.

Operating loss was 17.76 billion yen or $164.40 million, compared to profit of 43.13 billion yen a year ago.

Second-quarter net sales decreased 25.7 percent to 673.32 billion yen or $6.23 billion from prior year's $8905.87 billion yen.

In the markets in which Canon operates, as for office multifunction devices or MFDs and laser printers, demand for both monochrome and color models declined. As for cameras, the trend of market contraction accelerated due to the impact of COVID-19. Demand for inkjet printers were down in some emerging markets, while it increased in developed countries and China due to remote working and learning.

Looking ahead for fiscal 2020, Canon now expects attributable net income of 43.0 billion yen, a year-on-year decrease of 65.6 percent, and operating profit of 45.0 billion yen, a year-on-year decrease of 74.2 percent. Canon expects consolidated net sales of 3.08 trillion yen, down 14.3 percent from last year.

Canon in April had said that it was very difficult to provide a reasonable calculated consolidated results forecast.

In Japan, Canon shares were trading at 2,077 yen, down 1.02 percent.

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