The combined pre-tax profits of Japanese companies hit a record high for the July-September quarter, thanks to strong earnings by auto manufacturers and the services sector.

The Finance Ministry said Thursday that combined ordinary profits for the 3-month period came to 19.8 trillion yen, or about 145 billion dollars. That is an 18.3 percent increase from a year earlier.

It is the highest total in yen terms for the period since comparable data became available in 1954.

Automakers and other manufacturers saw earnings increase by 35.4 percent, as production recovered amid the easing of a parts shortage.

In the non-manufacturing sector, profits at hotels and other service businesses rose 5.6 percent, following the easing of COVID-19 restrictions.

The ministry also said that capital spending grew 9.8 percent from the same period last year.

Investment in the manufacturing sector rose 8.2 percent, while it increased by 10.7 percent at non-manufacturers.