In a statement released by Canon Inc., the largest camera company in the world, its net income fell to 36.7 billion yen ($399 million) in the third quarter. The figure was down by a whopping 56 percent and was the seventh consecutive profit drop in as many quarters.

As the yen became stronger and advanced 7.4 percent against the dollar, the company became one of the prime examples of the value of exports being hit by the rise in the yen. As almost four-fifths of the company’s revenue depends on overseas exports, the yen’s rise led to a reduction in the company’s revenue by 97 billion yen.

Overall revenue fell by 21.5 percent to 774 billion yen whereas the operating profit fell by 54 percent to be at 60 billion yen.

Another matter of concern for the company is the increased use of cameras in cell phones as it tries to come out of the clutches of the global slowdown. The company’s yearly shipment of digital cameras is slated to fall for the first time this year, dropping 14 percent to a figure of 103 million units.

Income also fell by 45.5 percent to 73 billion yen at the business machines division. But, profit increased by 5.5 percent at the camera operations division, largely due to the surge in the sales of value-added single-lens-reflex models.

The company is optimistic of returning to profit growth in the next quarter, with products such as cameras and printers providing the necessary impetus.

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