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Canon Reports First Ever Quarterly Loss, Cuts Dividend

People are silhouetted against a display of the Canon brand logo at the CP+ camera and photo trade fair in Yokohama, Japan, REUTERS/Thomas Peter/File Photo

People are silhouetted against a display of the Canon brand logo at the CP+ camera and photo trade fair in Yokohama, Japan, REUTERS/Thomas Peter/File Photo

The company said it would halve dividend payouts for January-June to save cash amid the severe business environment.

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.

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.

first published:July 28, 2020, 15:59 IST