Strong sales boost Canon profits

A weak yen helped boost Canon's overseas sales

Camera-maker Canon has unveiled record annual profits for the seventh year in a row.

The group said annual profits jumped 18.5% to 455.3bn yen ($3.73bn; £1.9bn), up from 384bn yen a year ago.

Sales were driven by strong demand for digital cameras, as well as copiers and printers, while the weak yen also gave overseas sales a lift.

Canon said it expected profits to grow by more than 8% in 2007, helped by buoyant digital camera sales.

During the three months to December, overall sales rose 8.7% to 1.22 trillion yen, driven by a 17% rise in digital camera sales.

Canon also reaffirmed its commitment to developing a new technology for flat-screen TVs called SED - surface-conduction electron-emitter display.

The company said it would go ahead with the venture without partner Toshiba, and is currently buying out Toshiba's share in the partnership.

Canon said it planned to launch the SED TV sets commercially as early as possible.