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Canon Q1 Profit Climbs, Lifts FY17 Outlook; Stock Up
Operating profit climbed 88.8 percent to 75.67 billion yen or $675.58 million from prior year's 40.09 billion yen. The company previously expected attributable net income of 170 billion yen, operating profit of 255 billion yen and net sales of 4 trillion yen. Operating profit is expected to be 270 billion yen, up 18 percent, and net sales would be 4.02 trillion yen, up 18.2 percent from last year. Shutterstock photo(RTTNews.com) - Digital camera maker Canon Inc. ( CAJ ) reported Wednesday that its first-quarter net income attributable to the company was 55.09 billion Japanese yen or $491.87 million, up 96.8 percent from last year's 27.99 billion yen. Looking ahead, for fiscal 2017, the company now expects attributable net income of 180 billion yen or 164.83 yen per basic share, a growth of 19.5 percent from last year.
Santander's Brazil Patience Pays off as Rebound Lifts Profit
The lender sees net interest income and loan growth remaining flat in the next quarters, Cantera told analysts. Excluding the rising currency, net income from Brazil climbed 38 percent on customer growth and falling loan-loss provisions, the company said. The British business was the only large unit that posted a decline in net income. In its home market, net income increased 18 percent to 362 million euros as Santander made fewer provisions for bad loans. Low interest rates remain a drag on the bank's revenue with net interest income in the unit posting a 9 percent drop from a year earlier.
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