Digital cameras help Canon see record profits

Canon said today that strong sales of digital cameras and printers would help it score a seventh straight year of record profit…

Canon said today that strong sales of digital cameras and printers would help it score a seventh straight year of record profit in 2006.

The company also said Tsuneji Uchida, the head of its digital camera operations, would take over as president from Fujio Mitarai.

Canon, the world's top maker of digital cameras, forecast group net profit will rise 8.0 per cent to 415 billion yen ($3.54 billion) in 2006.

The Tokyo-based company is banking on higher sales of colour copiers, laser printers supplied to Hewlett-Packard, and digital cameras, especially high-end and high-margin digital single lens reflex models that use interchangeable lenses.

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It sees sales up 8.1 per cent at 4.06 trillion yen.

Mr Mitarai (70) will stay on as chairman, but his departure from the top post at Canon has been seen as a major risk factor for shareholders.

A charismatic leader, he had overseen a seven-fold increase in profit since becoming chief executive in 1995.