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| Wednesday, 31 October 2018, 13:57 HKT/SGT | |
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Source: Denso | |
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TOKYO, Oct 31, 2018 - (JCN Newswire) - Global automotive supplier DENSO Corporation today announced its global financial results for the first half ending September 30, 2018 for fiscal year ending March 31, 2019:
- Consolidated revenue totaled 2,625.0 billion yen (US$23.1 billion), an 11.1 percent increase from the previous year.
- Consolidated operating profit totaled 152.4 billion yen (US$1.3 billion), a 25.5 percent decrease from the previous year.
- Consolidated profit attributable to owners of the parent company totaled 114.1 billion yen (US$1.0 billion), a 26.0 percent decrease from the previous year.
"DENSO's revenue rose due to an increase in global vehicle production in spite of natural disasters. In addition, newly consolidated subsidiary, DENSO TEN, contributed to growth in revenue. Operating profit decreased due to transient profit in the last fiscal year, variance of periods in collecting expenses and increase in investment for future growth toward becoming a leading mobility supplier," said Koji Arima, president and CEO of DENSO Corporation.
In Japan, in spite of natural disasters, 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 1,573.2 billion yen (US$13.9 billion), an 11.8 percent 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 53.3 billion yen (US$469.1 million), a 49.5 percent down from the previous year.
In North America, sales expansion led to an increase in revenue to 604.1 billion yen (US$5.3 billion), a 10.2 percent increase from the previous year. Operating profit totaled 15.5 billion yen (US$136.5 million), a 25.5 percent 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 332.4 billion yen (US$2.9 billion), a 7.3 percent increase from the previous year. As a result of the increase in production volume and cost-reduction efforts, operating profit totaled 9.6 billion yen (US$84.4 million), an 8.0 percent increase from the previous year.
In Asia, a rise in vehicle production led to an increase in revenue to 718.1 billion yen (US$6.3 billion), a 16.0 percent rise from the previous year. As a result of the increase in production volume and cost-reduction efforts, operating profit totaled 67.8 billion yen (US$597.4 million), an 8.0 percent growth from the previous year.
In other areas, mainly the South American region, specifically Brazil and Argentina, revenue totaled 34.5 billion yen (US$304.1 million), a 14.6 percent decrease from the previous year. Operating profit totaled 5.5 billion yen (US$48.7 million), a 21.9 percent decrease from the previous year.
"Considering the first-half financial results and the latest movement in the foreign exchange markets, we have revised up our financial result forecast of operating profit for the full-year," said Arima.
(Foreign exchange rates used for the full-year financial result forecast are US$=110yen, Euro=130 yen)
Contact:
Sadayoshi Yokoyama, Toshiko Watanabe
DENSO CORPORATION
Phone: 81-566-25-5594
Fax: 81-566-25-4509
sadayoshi_yokoyama@denso.co.jp
toshiko_watanabe@denso.co.jp
Topic: Press release summary
Source: Denso
Sectors: Automotive
http://www.acnnewswire.com
From the Asia Corporate News Network
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