Denso has reported first-quarter consolidated revenue down 42% to US$7.1bn.
Consolidated operating profit totalled (US$-989.6m), while consolidated profit attributable to owners of the parent company was US$-836m.
“Revenue decreased as vehicle sales declined due to the epidemic of COVID-19 and operating loss is caused by production volume decrease,” said Denso senior executive officer, Yasushi Matsui.
“For our 2021 fiscal year, ending 31 March, 2021, we forecast sales of JPY4.54tn and operating income of JPY100bn.”
Revenue declined significantly in all areas due to the impact of COVID-19.