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During the first half of the fiscal year ending December 31, 2023, conditions surrounding the global economy remained shrouded in uncertainty. Despite an overall modest economic recovery amid signs of a lull in the surge in resource prices and prolonged inflation, this uncertainty largely reflects growing concerns of a slowdown in the economy due to interest rate hikes by the central banks in the U.S. and Europe, a downturn in the pace of consumption and investment in China, and fluctuations in foreign currency exchange rates.
In each of the major markets in which the Star Micronics Group operates, demand for POS printers was generally weak mainly in the U.S. and European markets. In addition, demand for the Group’s mainstay machine tools in overseas markets, which had previously remained high, stalled with little or no forward momentum. Exacerbating these difficult trends, demand in Japan also failed to recover.
Under these circumstances, the Star Micronics Group reported sales of ¥42,926 million for the second quarter of the fiscal year under review, up 9.4% compared with the corresponding period of the previous fiscal year. The increase was largely due to an upswing in sales of machine tools. From a profit perspective, operating income climbed 29.0%, to ¥7,380 million due in large part to higher sales. Ordinary income increased 27.5%, to ¥7,614 million. Net income attributable to owners of parent grew 24.5%, to ¥5,238 million.