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Yamaha’s 2nd Quarter Ordinary Income Increases 21%
According to Yamaha Business Report announced on August 1, second quarter ended at the end of June closed with 13.5 billion yen ordinary income, which is a 21% increase over the same period of the last year. Yamaha spokesperson commented that sales of the music products including pianos and guitars had been very well in China and North America. Increasing brand awareness allowed the company to mark up part of its product lines.
Sales for the quarter went up 4% to 105.1 billion yen. The good result is attributed to solid consumer spending in China and favorable sales growth of attractively priced digital pianos in North America. Increased tax burden influenced growth of net profit, which ended with 9.3 billion yen, a mild 1% rise.
Yamaha maintained expected annual net profit for 2019 as 40 billion yen, a 26% decline from the same period of the previous year.