Q2 2023 NSK Ltd Earnings Call Transcript
Thank you for joining us today. I am Akitoshi Ichii, President and CEO of NSK Limited. Today, I will explain the fiscal 2022 first-half results, followed by our revised full-year forecast and progress on our mid-term management plan, MTP2026.
First, we'll review the first half results. Ongoing supply chain problems such as the restrictions on economic activity under China's Zero COVID Policy, the prolonged impact of the situation in Ukraine, and the shortage of semiconductors have inflated the cost of steel, transportation, and energy. And the yen has been weakening against the USD beyond our assumed rate of JPY120.
In this environment, in the first half, we achieved sales of JPY463.8 billion with an operating income of 2.9% or JPY13.5 billion. Net income was JPY6 billion, and sales increased by JPY46.1 billion, while operating income declined by JPY2.2 billion compared to the same period last year.
We will go into further detail regarding sales on subsequent slides. Compared to our May forecast for the first half of this fiscal year,
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