Canon logs 1st net profit fall in 9 years

Special Report:Global Financial Crisis

TOKYO, Jan. 28 (Chinese media) -- Japan's camera maker Canon said Wednesday that it suffered the first profit and sales fall in nine years in 2008, down by 36.7 percent year-on-year in its net profit to 309.15 billion yen (3.47 billion U.S. dollars).

Shrinking demand and the sharp appreciation of Japanese yen are the factors behind downturn in its profit, it said.

Meanwhile, Canon's operating profit was down 34.4 percent to 496.07 billion yen (5.57 billion dollars).

The company projected that its net profit will dive 68.3 percent to 98 billion yen (1.10 billion dollars).