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Canon poised for 20% growth in net profit for 2022

Upward revision for year expected on Tuesday with weakening yen as tailwind

 Canon's net sales are expected to increase by more than 10% and approach 4 trillion yen this year.

TOKYO -- Japanese camera maker Canon is expected to book a consolidated net profit of about 250 billion yen ($1.9 billion) for the 2022 fiscal year, roughly a 20% increase on the previous year, due to predictions of strong earnings in semiconductor lithography equipment and security cameras.

The figure exceeds the outlook announced by the company in January by 5 billion yen. Raw materials are rising due to inflation, but the company will work around the problem by finding ways to reduce costs and marking up products.

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