Denso said full fiscal year results included healthy overall rises in sales and profits.

Revenue rose 11.7% to JPY5,515.5 billion (US$45.1 billion) while operating profit soared 120% to JPY341.2 billion ($2.8 billion).

“Both revenue and operating profit increased compared to the previous year due to recovery of vehicle sales from COVID-19 and profit improvements, though semiconductor shortages and other challenging business conditions occurred,” said top executive Yasushi Matsui.

“We forecast for the next fiscal year JPY6,350.0 billion ($51.9 billion) in revenue and JPY560 billion yen ($4.6 billion) in operating income. While it is difficult to project how the business environment might change, we will expand ADAS and electrification product sales, make gains through profit improvements and enhance our management foundation, strengthening our ability to cope with market changes.”

In Japan, revenue increased to JPY3,515.1 billion ($28.7 billion), up 10.6% from the previous year, and operating profit was JPY188.9 billion ($1.5 billion), up 735.6%.

In North America, revenue increased to JPY1160.2 billion ($9.5 billion), up 13.1%, and operating profit was JPY4.3 billion ($34.8 million), decreased 70.9%.

In Europe, revenue increased to JPY561.4 billion ($4.6 billion), up 8%, and operating loss was JPY3.4 billion ($27.4 million).

In Asia, revenue increased to JPY1,637.9 billion ($13.4 billion), up 25.6%, and operating profit increased to JPY143.8 billion ($1.2 billion), up 29.1%.

In other areas, revenue increased to JPY76.6 billion ($0.6 billion), up 89.6%, and operating profit increased to JPY15.5 billion ($126.4 million), up 121.1%.