DENSO Announces First Half Financial Results - aftermarketNews

DENSO Announces First Half Financial Results

Company announces upward revision to the full year forecast.

KARIYA, Japan ― DENSO Corp. has announced global financial results for the first half of the fiscal year, which ended Sept. 30, 2013.
 
Consolidated net sales totaled $20.3 billion, a 14.7 percent increase from the previous year. Consolidated operating income totaled $2 billion, a 41 percent increase from the previous year. Consolidated net income totaled $1.5 billion, a 92.2 percent increase from the previous year.
 
"The sales and operating income increased due to an increase in car production in North America, in addition to the impact of the weak yen,” said Nobuaki Katoh, president and CEO of DENSO Corp.
 
In Japan, despite a decrease in car production, the increase of export sales and the effect of the weak yen led to an increase in sales, to $13.6 billion, a 7.8 percent increase from the previous year. Also, despite an increase in labor costs and research and development expenses, the currency exchange gain and cost reduction efforts led to an operating income of $1.5 billion, a 52.8 percent increase from the previous year.
 
In North America, an increase in car production and the impact of the weak yen led to an increase in sales to $4.1 billion, a 33.9 percent increase from the previous year. As a result of the increase in production volume, the operating income totaled $95.3 million, a 34.8 percent increase from the previous year.
 
In Europe, the gradual recovery from the economic slump and the effect of the weak yen led to an increase in sales to $2.4 billion, a 35.5 percent increase from the previous year. As a result of the increase in production volume, the operating income totaled $37.7 million, a 172.3 percent increase from the previous year.
 
In Asia and Oceania, the increase in car production and the effect of the weak yen resulted in a sales increase to $4.7 billion, a 28.7 percent increase from the previous year. The increase in production volume led to an operating income of $385.2 million, an 11.1 percent increase from the previous year.
 
In other areas, mainly the South American region, including countries such as Brazil and Argentina, sales totaled $405.1 million, a 31.6 percent increase from the previous year. The operating income totaled $11.5 million, a 36.2 percent decrease from the previous year.
 
"Considering future business conditions, such as an increase in car production and the depreciation of the yen, we have decided to upwardly revise the original forecasts for the full year financial results,” said Katoh.
 
 

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