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Japan's Q1 capex up 4.2 pct, company profits slump

Xinhua, June 1, 2016 Adjust font size:

Capital spending by Japanese businesses rose 4.2 percent in the first quarter of 2016 from a year earlier, the Ministry of Finance said in a report on Wednesday.

According to the ministry, capital expenditure by non-financial sectors totaled 13.68 trillion yen (123.54 billion U.S. dollars) and not including spending on software, expenditure was up 4.3 percent, following an 8.9 percent leap in the previous quarter.

While the latest figures came in above median analysts' expectations for an overall 2.4 percent increase in Q1 following an 8.5 percent hike in the previous three months, the ministry said that company profits remained pressured, plunging 9.3 percent in the recording period, while company sales dropped 3.3 percent following a 2.7 percent retreat in Q4. Endit