Japan manufacturers’ profits up 23% in April-June as carmakers grow

Listed Japanese manufacturers logged a 23.1 percent jump in their combined net profit for the first fiscal quarter that ended June, with carmakers leading the brisk results due to recovering from a chip shortage, a tally by a securities firm showed Friday.

Companies passing on rising global food and energy costs through price hikes and the sharp fall of the yen, which increases overseas profits when repatriated, also helped boost their standing, SMBC Nikko Securities Inc. said.

Including nonmanufacturers, overall net profit rose 17.2 percent in April-June from a year earlier. Due to growing nu...