Denso announced financial results for the nine months ending 31 December 2011 showing that onsolidated net income fell 72% year on year to JPY36.4bn (US$467.8m) and consolidated operating income was off 53% to JPY82.1bn on consolidated net sales down 6.1% to JPY2,214.4bn.
The decrease includes the reversal of deferred tax assets, totaling JPY15.8bn resulting from the change of the corporate tax rate in Japan.
Go deeper with GlobalData
“In spite of the production recovery from the Great East Japan Earthquake, low production level in the first half, the Thailand flooding and the strong yen led to a decrease in both sales and income from the previous year”, said Sadahiro Usui, executive director, in a statement.
“Considering the affect of the Thailand flooding, we have made a downward revision to the year-end sales forecasts. As for the year end income, we forecast the same level as the prior announcement”, added Usui.
Denso has revised full year net income to JPY82bn and operating income to JPY135bn on net sales now forecast at JPY3,110bn.
