Johnson Electric Holdings Limited provided earnings guidance for the six months period ended 30 September 2022. For the period, the Group expects to report a decline in profit attributable to shareholders of the Company of approximately 40%, as compared with the reported profit of USD 93 million for the prior period. This is attributable to the significant depreciation of the Euro against the US Dollar during the period in addition to the adverse impact of higher raw materials and logistics costs, ongoing semiconductor shortages and increased operating costs.

Underlying net profit, which excludes non-cash changes due to unrealized revaluation losses arising from the translation of foreign currency denominated assets and liabilities and currency contracts as of 30 September 2022, declined by approximately 16%. Despite the volatile macro-economic environment and ongoing supply chain disruptions, the Group achieved solid sales growth in the six months period ended 30 September 2022, with approximately a 6% increase in reported sales and approximately an 11% increase in sales on a constant currency basis.