Denso said revenue for the fiscal year to 31 March 2021 was JPY4,936.7bn (US$44.6bn), a 4.2% decrease from the previous year. Operating profit was JPY155.1bn ($1.4bn), a 153.9% increase. Consolidated profit reached JPY125.1bn ($1.1bn), up 83.6%.

“Revenue is recovering steadily due to the improvement in vehicle sales, but sales in the full year decreased compared to last fiscal year due to the significant decline in the first quarter. Operating income increased year over year due to the effects of additional measures.” said Yasushi Matsui, senior executive officer.

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In Japan, despite an increase in sales, mainly to Toyota Motor, revenue decreased to JPY3,177.0bn ($28.7bn) (down 2.7%). Operating income increased to JPY22.6bn ($204.2m) (-JPY88.8bn) despite some factors such as quality cost provision.

In North America, revenue decreased to JPY1,026.2bn ($9.3bn) (down 12.8%) and operating income decreased to 14.6bn yen ($132.3m) (down 37.7%).

In Europe, revenue decreased to JPY519.7bn ($4.7bn) (down 10.9%) and operating income decreased to JPY3.1bn ($28.1m) (down 78.3%).

In Asia, revenue in China led sales throughout the full year and revenue increased to JPY1,303.8bn ($11.8bn) (up 2%) and operating income increased to JPY111.4bn ($1,006.4m) (up 7.9%).

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In other areas, revenue decreased to 40.4bn yen ($365.0m) (Down 33.5% from the previous year) and operating income decreased to 7.0bn yen ($ 63.2m) (down 28.4%).

Despite all regions without Asia recording an operating loss in the first quarter, all regions achieved operating income in the full-year.

“The full-year forecast for the next fiscal year, revenue is JPY5,460bn yen ($49.3bn) and operating income is 413.0bn yen ($3.7bn). Although there are concerns about the effects of the shortage of semiconductors, we expect sales expansion of ADAS and electrification products and gains from further corporate reform,” said Matsui.