Japan Cash Machine Co., Ltd., also known as JCM Global, raised its earnings forecast for the year ended March 31, 2023. The company said in a recent filing that it revised its earnings forecast based on higher-than-expected sales in the second half of its fiscal year.

JCM, listed on the Tokyo Stock Exchange, manufactures printers for casino game consoles and other gaming hardware-related devices as well as machines that validate bills and handle currency.

The company said it expects net sales of 24.4 billion yen ($171 million) in the 12 months to March 31, 2023, compared with a previously announced 21.6 billion yen.

JCM revised its net profit forecast to 2.3 billion yen from its earlier estimate of 1.4 billion yen.

The company said, "It is unclear whether to secure electronic components such as semiconductors in the second half of the year at the time of the disclosure of the existing earnings forecast (August 3, 2022)."

However, the company added that it has now "reached a certain point" with a clearer view of its supply chain and is expected to see an increase in sales as a result

It added: "The increase in net sales is expected to be accompanied by an improvement in profits at each stage of the business."

The company, however, said profit margins in the second half of its fiscal year are expected to "decline" compared to the first half, as global raw material prices surge and supply chain disruptions inevitably increase manufacturing costs and costs

In the English version of the latest update, the company also said it posted a foreign exchange gain of 982 million yen in non-operating revenue during the first half of the year.

JCM reported a net profit of 60.054 million yen for the fiscal year ended March 31, 2022, compared with a net loss of 7.56 billion yen a year earlier.

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