Denso Corporation has unveiled third quarter global financial results for the nine months to 31 December, with consolidated net income up 156% to JPY129.3bn (US$1.6bn).

Consolidated net sales totalled JPY2,358bn, an 11.3% increase from the previous year, while consolidated operating income was JPY174.4bn, up 121%.

"Considering the steady financial results up to our third quarter, we have made an upward revision to our full-year forecasts for the fiscal year ending March 31, 2011," said Denso executive director Sadahiro Usui. "We will continue to accelerate development of new products that contribute to fuel efficiency and CO2 emissions reduction, as well as low cost products for emerging markets."

 In Japan, the government's vehicle incentive programme in the first-half and increasing product exports led to an increase in sales totalling JPY1,621bn, a 10.8% increase from the previous year. The rise in production volumes and cost reduction efforts led to an operating income of JPY80.4bn, a 484% increase.

In North America, an increase in sales mainly due to General Motors, Chrysler, Toyota and Honda led to an increase in sales to JPY396bn, up 18.2% from the previous year. As a result of the increase in production volume, operating income was JPY18.8bn, a 233% rise.

In Europe, despite an increase in sales mainly due to BMW and Land Rover, substantial currency exchange loss led to an decrease in sales to JPY291bn, down 2.8% from the previous year. Operating income was JPY8.5bn, a 49% increase from the previous year.

In Asia and Oceania, an increase in car production volume of Japanese car manufacturers and Hyundai Kia Automotive Group, led to an increase in sales to JPY481bn, a 28% rise. The increase in production volumes saw an operating income of JPY63bn, a 23% rise.

In other areas, mainly the South American region, including countries such as Brazil and Argentina, sales totalled JPY45bn, a 4.2% increase from the previous year. Operating income was JPY5.2bn, down 1.4%.

Denso is forecasting a net income result for fiscal year ending 31 March of JPY147bn, up JPY74bn.