JAPAN: Denso’s nine-month net income surges
Denso has reported strong financial figures on the back of rising car production in North America and a rebound to business in Japan.
Denso's consolidated net sales for the nine months ended 31 December 2012 totalled JPY2,569.4bn (US$29.7bn), a 16% increase from the previous year. The company's consolidated operating income totalled JPY188bn, a 128.9% increase, while its consolidated net income totalled JPY 130.8bn, a 259.7% rise from the previous year.
"The recovery of car production in Japan and the strong car production in North America and Asia and Oceania led to an increase in both sales and income," said Kenichiro Ito, executive director of Denso.
In Japan, the increase in car production due to the recovery from the earthquake and government subsidies for eco-friendly car purchases, led to an increase in sales to JPY1,818.0bn, a 16.9% increase from the previous year. Despite increase of expenses, the increase in production volume led to an operating income of JPY125.4bn, a 247.3%% increase from the previous year.
In North America, an increase of sales for Japanese automakers and GM, Ford and Chrysler led to an increase in sales to JPY450.3bn, a 28.5% increase from the previous year. As a result of the increase in production volume, the operating income totalled JPY9.2bn, 581.1% increase from the previous year.
In Europe, a decrease in car production due to the economic downturn led to a decrease in sales to JPY259.5bn, a 9.4% decrease from the previous year, and a decrease in operating income to JPY0.8bn, a 83.3% decrease from the previous year.
In Asia and Oceania, the recovery of Japanese auto manufactures' car production resulted in a sales increase to JPY540.5bn, a 21.7% increase from the previous year. The increase in production volume led to an operating income of JPY53.1bn, a 41.5% increase from the previous year.
In other areas, mainly the South American region, including countries such as Brazil and Argentina, sales totalled JPY45.8bn, a 4.5% increase from the previous year, and the operating income totalled JPY2.6bn, a 6.8% increase from the previous year.
"Considering the progress of the depreciation of, we have revised the assumed exchange rate and have made an upward revision to the year-end sales forecasts," said Ito.
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