Canon has reported a large hike in its profits because of boosted sales of the laser printers and digital cameras. The company has reported a net profit of 67.6 billion yen in the three months till June compared to a profit of 15.6 billion yen at the same period of time a year earlier.

According to the figures the net sales of the company rose up by 22% and touched to 970.4 billion yen.

Even after the profits, the Japanese firm did not raise its annual profits forecast of 240 billion yen because of the uncertain and unstable economies of the European countries.

Because of the concerns over the instability in the global market the firm decided not to revise up its outlook and other financial issues. Experts say the global market is still under a tremendous pressure and has a downbeat earning.

The chief fund manager of the Ichiyoshi Investment Management, Mr. Mitsushige Akino has said that it would be very difficult for the firm Canon to maintain its growth in profits in the next quarter because of instability in the market.