Despite recovering emerging markets, Denso Corporation today reported a fall in its full year sales. However, cost cuts allowed it to register a profit against last year’s net loss.

Consolidated net sales reached JPY2,976.7bn (US$32bn), a 5.3% decrease from the previous year. Consolidated operating income rose to JPY136.6bn, an increase of JPY173.9bn from the previous year’s operating loss of JPY37.3bn.

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Consolidated net income totalled JPY73.4bn compared to the previous year’s consolidated net loss of JPY84.1bn.

“Despite the steady market recovery in emerging countries, substantial currency exchange loss and the primary markets’ decline in the first half led to a decrease in sales,” said Denso Corporation president and CEO, Nobuaki Katoh.

“However, with thorough worldwide cost reduction efforts, we were able to turn our income back into the black in the last 12 months.”

In Japan, a decrease in domestic car production and a currency exchange loss led to a decrease in sales to JPY2,041.3bn, a 4.9% decrease from the previous year.

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In North, Central and South America, a decrease in sales mainly to GM and Chrysler and an increase in Toyota car production resulted in a 4.9% fall.

European sales fell 11.1% and Asia and Oceania sales increased 5.2% as a result of the car production increase in China and ASEAN countries.

“Our steady efforts in streamlining business operations have enabled us to vastly improve our earnings,” said Katoh.

“For the new fiscal year, along with continuing these efforts, we will become more aggressive to realize future growth by directing resources toward electrification, improved fuel consumption, and CO2 reduction for cars, as well as increase products for emerging markets such as China and India.”

For the full detail on Denso’s results, click here