Japan firms more than double quarterly profits: Brokerage
TOKYO (AFP) - 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 on Monday.
Brokerage SMBC Nikko Securities said its review of company financial results showed combined net profits surged about 112 per cent from the April-June quarter a year earlier, while operating profit jumped 33 per cent among some of Japan Inc's biggest names.
A pick-up in consumer spending and a sharp decline in the yen, which makes exporters such as Toyota and Sony more competitive overseas, were behind the booster profits, the company said.
"The profit gains were mainly due to a positive effect of the weak yen," said SMBC Nikko Securities analyst Kayoko Ota.