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Friday, 3 February 2023, 18:24 HKT/SGT

Source: Denso
DENSO Announces Third Quarter Financial Results

KARIYA, JAPAN, Feb 3, 2023 - (JCN Newswire) - DENSO, a leading mobility supplier, today announced global financial results for its third quarter, ending December 31, 2022, for its 2023 fiscal year, ending March 31, 2023:

- Consolidated revenue totaled 4,635.7 billion yen (US$34.6 billion), a 15.6 percent increase from the previous year.
- Consolidated operating profit totaled 267.9 billion yen (US$2.0 billion), a 4.6 percent increase from the previous year.
- Consolidated profit attributable to owners of the parent company totaled 197.8 billion yen
(US$1.5 billion), a 2.3 percent increase from the previous year.

"Revenue in the third quarter increased compared to the previous year due to sales recovery, sales expansion and foreign exchange gains. Operating profit increased compared to the previous year due to sales recovery, exchange gains and profit improvements," said Yasushi Matsui, CFO, senior executive officer and member of the Board of Directors of DENSO Corporation. "We have revised our revenue and operating profit forecasts for the year based on changing foreign exchange preconditions and current vehicle production losses, adjusting our revenue projection to 6,200.0 billion yen (US$46.3 billion) and our operating profit projection to 420.0 billion yen (US$3.1 billion). Challenging external factors, such as increased costs related to inflation, logistics, energy, materials and parts, have led us to pursue profit improvements, and we are working with customers to reflect this impact in sales prices globally."

In Japan, revenue increased to 2,691.7 billion yen (US$20.1 billion), up 3.9% from the previous year, and operating profit was 146.7 billion yen (US$1.1 billion), a 1.8% rise from the previous year.

In North America, revenue increased to 1,082.2 billion yen (US$8.1 billion), up 28.4% from the previous year, and operating loss was 15.0 billion yen (US$111.7 million). While revenue increased in the region, DENSO's North American operations faced difficult economic conditions, such as increased logistics and energy costs, which contributed to the operating loss.

In Europe, revenue increased to 490.7 billion yen (US$3.7 billion), up 20.5% from the previous year, and operating profit was 9.1 billion yen (US$68.1 million), up 173.0% from the previous year.

In Asia, revenue increased to 1,469.5 billion yen (US$11.0 billion), up 24.5% from the previous year and operating profit increased to 113.5 billion yen (US$847.6 million), a 8.1% increase from the previous year.

In other areas, revenue increased to 76.8 billion yen (US$0.6 billion), up 42.7% from the previous year, and operating profit increased to 15.4 billion yen (US$115.2 million), up 32.3% from the previous year.

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Topic: Press release summary
Source: Denso

Sectors: Automotive
From the Asia Corporate News Network

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