Oki Electric Industry Co., Ltd has published its latest financial results, recording increased net sales year-on-year (YoY).
For the first quarter of fiscal year 2023, Oki reported net sales of ¥81.5 billion ($564 million/ €513 million), an increase of ¥3.4 billion ($23.5 million/ €21.4 million) year-on-year. Profit increased ¥3 billion ($21 million/ €19 million) year-on-year. Oki said the increase in net sales is attributable to the recovery from the impact of a production decline caused by component shortage.
For its Component Products segment, Oki reported net sales for the reporting period were ¥17 billion ($118 million/ €107 million), a decrease compared to the same period of the previous year. Oki said that IoT saw a positive growth due to reduced supply chain impacts.
Oki revised its forecasts upwards for the full year results.
