Profit boost for major Japanese firms in April-June
Print Edition
Major Japanese firms wrapped up the latest earnings season on a high note, more than doubling their net profit in the three months to June, a new report showed yesterday.
SMBC Nikko Securities said its review of company financial results showed combined net profits surged about 112 percent from the April-June quarter a year earlier, while operating profit jumped 33 percent among some of Japan Inc’s biggest names.
A pickup in consumer spending and a sharp fall in the yen, which makes exporters such as Toyota and Sony more competitive overseas, were behind the profits, the brokerage said.
“The profit gains were mainly due to a positive effect of the weak yen,” its analyst Kayoko Ota said. “Recovering domestic demand and steady growth in North America were also major factors.”
Ota said the good times were likely to last with many firms upping their profit and sales forecasts for the fiscal full year to March.
“They’re expected to stay on course to recovery,” she added.
The SMBC report, which studied nearly 500 firms on the broad-based Topix index, found that manufacturers saw the biggest rise in profit.
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