April 28, 2022 — Epson announced its financial results for the year ended March 31, 2022.
Revenue of 1,128,914 million yen was up 13.4% from the previous year, with an increase of in 45.4% in business profit, 98.3% in profit from operating activities, and 197.8% in profit for the period. Total comprehensive income for the year ended March 31, 2022, of ¥136,226 million was up 97.9%.
Epson noted that revenue was broadly in line with the previous forecast. The impact on businesses such as office and home printing caused by supply issues for components such as semiconductors, and the global slowdown of logistics, was largely offset by increased revenue in manufacturing solutions and wearable products, and the effect of the weakened yen compared to the foreign exchange assumptions underlying our previous forecast.
Business profit exceeded the previous forecast. [Epson] felt the impact of supply constraints, but benefitted from our efforts to maintain steady prices, from efficient spending and from the effects of the weakened yen.
Profit from operating activities and profit before tax were above the previous forecast due to the abovementioned business profit and foreign exchange gains caused by the weakened yen. Profit for the period significantly exceeded the forecast. This was due to a recalculation of recoverable deferred tax assets, after which the taxation charges resulting from the increase in said assets were lower than our previous assumptions.
View the complete report here.
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