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UPDATE 1-Canon lifts annual profit forecast on recovery in printer, camera sales

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* Sees 2017 operating profit up 44 pct at 330 bln yen

* Forecast above 295.8 bln yen consensus estimate

* Printer, camera businesses recovering (Adds risk of hefty EU fines)

TOKYO, July 27 (Reuters) - Japan's Canon Inc raised its annual operating profit forecast in its second upward revision this year on a recovery in printer sales as well as brisk orders for equipment used to manufacture organic light emitting diode (OLED) screens. The company, which has also seen a pick-up in sales of high-end cameras, forecast profit to rise 44 percent to 330 billion yen ($3 billion) for the year through December. That compares with an average analyst estimate of 297 billion yen and its previous estimate of 270 billion yen.

The upbeat outlook came despite the risk of hefty fines after EU antitrust regulators accused the Japanese firm of jumping the gun in its $6 billion acquisition of Toshiba Corp's medical equipment unit.

It has threatened to impose a fine of up to 10 percent of annual revenue. Canon forecast 4 trillion yen ($36 billion) in revenue for the current year.

The EU Commission said it had reached a preliminary view that Canon breached rules by using a so-called "warehousing" two-step transaction structure involving an interim buyer to buy the company prior to obtaining relevant approvals.

The $6 billion deal, completed late last year, raised eyebrows at the time due to the unorthodox method which allowed Toshiba, which was struggling for cash after an accounting scandal, to book proceeds in time for the financial year-end in March.

The company said second-quarter operating profit climbed 40 percent to 96.3 billion yen, beating the 81 billion yen average of five analyst estimates.

($1 = 111.1300 yen) (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)