|Friday, 1 February 2019, 13:23 HKT/SGT|
KARIYA, JAPAN, Feb 1, 2019 - (JCN Newswire) - Global automotive supplier DENSO Corporation today announced its global financial results for the nine months of the fiscal year ending March 31, 2019:
- Consolidated revenue totaled 3,979.7 billion yen (US$35.8 billion), a 7.6% increase from the previous year.
- Consolidated operating profit totaled 243.5 billion yen (US$2.2 billion), a 22.6% decrease from the previous year.
- Consolidated profit attributable to owners of the parent company totaled 192.0 billion yen (US$1.7 billion), a 23.6% decrease from the previous year.
"DENSO's revenue rose in all regions due to an increase in global vehicle production in spite of market slowdown in Europe and China. In addition, newly consolidated subsidiary, DENSO TEN, contributed to growth in revenue. Operating profit decreased due to increase in investment for future growth toward becoming a leading mobility supplier, transient profit in the last fiscal year and variance of periods in collecting expenses," said Yasushi Matsui, executive director of DENSO Corporation.
In Japan, an increase in vehicles equipped with safety-related products, as well as the impact from the newly consolidated subsidiary resulted in an increase in revenue to 2,412.0 billion yen (US$21.7 billion), an 8.1% growth from the previous year. Despite a rise in production volume and cost-reduction efforts, an increase in investment for future growth and the impact of transient profit in the last fiscal year led to a drop in operating profit to 97.8 billion yen (US$880.2 million), a 39.3% down from the previous year.
In North America, production volume increase and sales expansion led to an increase in revenue to 904.0 billion yen (US$8.1 billion), a 7.6% increase from the previous year. Operating profit totaled 22.2 billion yen (US$199.7 million), a 28.8% decrease from the previous year due to the increase in expenses for R&D and the investments for expanding production capabilities.
In Europe, revenue totaled 488.6 billion yen (US$4.4 billion), a 2.5% increase from the previous year. As a result of the increase in cost-reduction efforts, operating profit totaled 14.3 billion yen (US$128.6 million), an 1.9% increase from the previous year.
In Asia, a rise in vehicle production led to an increase in revenue to 1,084.4 billion yen (US$9.8 billion), an 11.3% rise from the previous year. As a result of the increase in production volume and cost-reduction efforts, operating profit totaled 102.2 billion yen (US$919.3 million), an 1.6% growth from the previous year.
In other areas, mainly the South American region, specifically Brazil and Argentina, revenue totaled 52.9 billion yen (US$475.9 million), a 14.0% decrease from the previous year. Operating profit totaled 8.7 billion yen (US$78.3 million), a 22.7% decrease from the previous year.
"Considering environmental factors such as market trend and the increase in raw material cost, we have revised down our financial result forecast for the full-year," said Matsui.
(Foreign exchange rates used for the full-year financial result forecast are US$= 110yen, Euro= 130 yen)
DENSO Corp., headquartered in Kariya, Aichi prefecture, Japan has approximately 220 subsidiaries in 35 countries and regions (including Japan) and employs approximately 170,000 people worldwide. Consolidated global sales for the fiscal year ending March 31, 2018, totaled US$48.1 billion. Last fiscal year, DENSO spent 8.8% of its global consolidated sales on research and development. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges.
For more information, please go to www.denso.com.
Visit our media website at www.denso.com/global/en/news/media-center/.
Sadayoshi Yokoyama, Toshiko Watanabe
Feb 1, 2019 13:23 HKT/SGT
Topic: Press release summary
From the Asia Corporate News Network
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