|Friday, 28 July 2017, 16:32 HKT/SGT|
KARIYA, JAPAN, July 28, 2017 - (JCN Newswire) - DENSO Corporation today announced its global financial results for the first quarter ending June 30, 2017 for fiscal year ending March 31, 2018:
- Consolidated revenue totaled 1,164.9 billion yen (US$10.4 billion), a 6.6 percent increase from the previous year.
- Consolidated operating profit totaled 93.2 billion yen (US$831.8 million), a 38.6 percent increase from the previous year.
- Consolidated profit attributable to owners of the parent company totaled 76.7 billion yen (US$684.8 million), a 66.3 percent increase from the previous year.
"DENSO's revenue increased by the increase of car production and sales expansion as well as operating profit due to the production volume increase and cost reduction efforts." said Yasushi Matsui, executive director of DENSO Corporation.
In Japan, the increase of car production led to an increase in revenue to 675.7 billion yen (US$6.0 billion), a 9.6 percent increase from the previous year. As a result of the increase in production volume and cost reduction efforts, the operating profit totaled 37.4 billion yen (US$333.5 million), a 163.8 percent increase from the previous year.
In North America, despite of an unpredictable economy, the increase of car production led to an increase in revenue to 281.0 billion yen (US$2.5 billion), a 5.6 percent increase from the previous year. As a result, the operating profit totaled 17.0 billion yen (US$151.5 million), a 2.3 percent increase from the previous year.
In Europe, the increase of car production by the moderate recovery of the market led to an increase in revenue to 159.6 billion yen (US$1.4 billion), a 3.3 percent increase from the previous year. On the other hand, due to depreciation increase, operating profit decreased to 5.8 billion yen (US$52.1 million), a 14.7 percent decrease from the previous year.
In Asia, increase of car production and sales expansion, a revenue increase to 299.6 billion yen (US$2.7 billion), a 7.7 percent increase from the previous year. As a result of the increase in production volume, an operating profit totaled 28.5 billion yen (US$254.5 million), a 16.5 percent increase from the previous year.
In other areas, mainly the South American region, including Brazil and Argentina, revenue totaled 19.1 billion yen (US$170.8 million), a 21.9 percent increase from the previous year. The operating profit totaled 3.3 billion yen (US$29.9 million).
"Considering the latest movement in the foreign exchange markets and increase of car production, we have revised up our financial result forecasts for the first-half and full-year," said Matsui.
(Foreign exchange rates used for the first-half financial result forecast are US$=111yen Euro=121 yen, and for the full-year are US$=110 yen, Euro=121 yen)
Forecast for Fiscal Year Ending March 31, 2018
The above forecasts are created based on the information obtained by the date of this announcement and the actual results may differ due to various causes in the future.
U.S. dollar amounts have been translated, for convenience only, at the rate of 112.19 yen = US$1, the approximate exchange rate prevailing in the Tokyo Foreign Exchange Market March 31, 2017. Billion is used in the American sense of one thousand million.
DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electronics and information and safety. Its customers include all the world's major carmakers. Worldwide, the company has more than 200 subsidiaries and affiliates in 38 countries and regions and employs nearly 140,000 people. Consolidated global sales for the fiscal year ending March 31, 2014, totaled US$39.8 billion. Last fiscal year, DENSO spent 9 percent of its global consolidated sales on research and development. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges. For more information, go to www.globaldenso.com, or visit our media website at www.densomediacenter.com.
Sadayoshi Yokoyama, Toshiko Watanabe
July 28, 2017 16:32 HKT/SGT
Topic: Press release summary
From the Asia Corporate News Network
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