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Canon Q4 profit tumbles, hurt by yen strength after Brexit decision

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Reuters TOKYO

TOKYO (Reuters) - Japan's Canon Inc, the world's biggest maker of cameras and printers, said on Tuesday fourth-quarter operating profit fell 25.1 percent, after the yen strengthened following Britain's vote in June to leave the European Union.

Operating profit for the three months to Dec. 31 declined to 80.2 billion yen ($706.7 million) from 107 billion yen a year earlier, below a consensus estimate of 88.5 billion yen from four analysts polled by Thomson Reuters I/B/E/S.

It forecast operating profit to rise 11.5 percent in 2017, the first gain in three years, to 255 billion yen. That compares with an average analyst estimate of 254 billion yen.

 

($1 = 113.4800 yen)

(Reporting by Tim Kelly; Editing by Edwina Gibbs)

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First Published: Jan 31 2017 | 11:45 AM IST

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