Canon reports first ever quarterly loss, cuts dividend

Credit: REUTERS/© Yuriko Nakao / Reuters

Japan's Canon Inc said on Tuesday it suffered the first quarterly net loss since it started quarterly disclosures in 2001, as the coronavirus outbreak took a toll on demand for office printers and cameras.

TOKYO, July 28 (Reuters) - Japan's Canon Inc 7751.T said on Tuesday it suffered the first quarterly net loss since it started quarterly disclosures in 2001, as the coronavirus outbreak took a toll on demand for office printers and cameras.

The camera and printer manufacturer also said it would halve dividend payouts for January-June to save cash amid the severe business environment, in what would be the first dividend cut in 33 years.

The net loss in April-June came to 8.8 billion yen ($83.4 million) compared with the prior year's profit of 34.5 billion yen in that quarter. The result far undershot an analyst consensus of 10.6 billion polled by Refinitiv.

For the full year, the company expects net profit of 43 billion yen, down 66% from the previous year.

($1 = 105.5700 yen)

(Reporting by Makiko Yamazaki, editing by Louise Heavens)

((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))

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