Brother Releases Mixed Results for FY 2022

Brother Releases Mixed Results for FY 2022

Brother reported revenue growth and profit losses for the fiscal year ended March 31, 2023.

According to Brother, some highlights of the consolidated results for the period include:

• Revenue turned out to be JPY￥27 billion (US$6.04 billion), up 14.7% year-over-year;
• Business segment profit turned to be JPY￥40 billion (US$447.54 million), down 28.6% year-over-year;
• Operating profit decreased 35.2% year-over-year to JPY￥38 billion (US$410.34 million);
• Profit before income taxes decreased 34.1% year-over-year to JPY￥95 billion (US$421.98 million);
• Profit for the period decreased 36.5% year-over-year to JPY￥09 billion (US$289.64 million);
• Profit for the period attributable to owners of the parent company turned out to be JPY￥08 billion (US$289.57 million), down 36.0% year-over-year.

Brother also adjusted the forecast for the fiscal year ending March 31, 2024, including:

• Forecast for revenue was adjusted to JPY￥00 billion (US$6.22 million), an increase of 3.0% year-over-year;
• Forecast for business segment profit was adjusted to JPY￥00 billion (US$518.67 million), an increase of 15.9% year-over-year;
• Forecast for operating profit was adjusted to JPY￥00 billion (US$518.67 million), an increase of 26.4% year-over-year;
• Forecast for profit before income taxes was adjusted to JPY￥00 billion (US$518.67 million), an increase of 22.9% year-over-year

In the third quarter of the fiscal year 2022(Q3, 2022) ending March 31, 2023, Brother sales revenue turned out to be JP￥216.8 billion (US$1.7 billion), up 17.5% year-over-year.

In Q3, business segment profit was JP￥16 billion (US$118.9 million), down 31.8% year-over-year.

Some other highlights regarding Brother’s performance in Q3 include:

• Operating profit decreased 13.3% year-over-year to JP￥215 billion (US$1.6 billion)
• Net income attributable to parent company was JP￥127 billion (US$969.3 million), down 27.1% year-over-year
• Income before tax was reduced 13% year-over-year to JP￥219 billion (US$1.7 billion)

On the same day, Brother also announced changes in its management structure.

According to Brother, the current director & senior managing executive officer, Kazufumi Ikeda is named representative director & senior managing executive officer. Satoru Kuwabara, current director&senior managing executive officer is named representative director & senior managing executive officer.

Brother claims that the reason for the changes is for the further development of the Group under a new management structure.

Related:

• Brother Reports Mixed Results for Q3
• Brother Reports Mixed Results for Q2 and H1
• Brother Reports Significant Profit Growth in Q1, 2022

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