Japanese electronics manufacturers posted improving profits in the first half of fiscal year 2002 (April-September). All but Fujitsu reported profit growth. Sony, Matsushita Electric Industrial, Sharp and Sanyo Electric posted the best net profits among the nine. Despite the profit growth, the decrease in sales growth they experienced still worries these firms. In addition, the operating profits enjoyed by South Korea-based Samsung Electronics exceeded the combined operating profits of these nine Japanese firms. Most of the Japanese firms project steady or a slightly rising sales growth this fiscal year. However, due to the sluggish telecommunications market in North America, NEC and Fujitsu, depending largely on their telecommunications business, expect pessimistic outcomes this year. Fujitsu expects a net loss of 110 billion yen this fiscal year due to its restructuring plan.