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Denso Sales Up, Income Down
Denso Corp. reports its consolidated net sales rose 4% to 2.1 trillion yen ($18.9 billion) in April-September.
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Denso Corp. reports its consolidated net sales rose 4% to 2.1 trillion yen ($18.9 billion) in April-September.
But operating income for the first half of the giant auto supplier's fiscal year fell 16% to 161 billion yen ($1.5 billion). Net income dropped 19% to 122 billion yen ($1.1 billion). The company blames the declines on higher investment and R&D costs.
Denso's first-half operating income in Japan plunged 26% to 1.3 trillion yen ($11.8 billion). Profits slipped slightly to 33 billion yen ($303 million) in Asia/Oceana on higher labor costs, research and production hikes.
But first-half operating income zoomed 45% to 13.5 billion yen ($123 million) in North America and doubled to 7.4 billion yen ($68 million) in Europe.
The company has revised its full-fiscal-year guidance. It raised its sales forecast 3% to 4.2 billion yen. But it cut its forecasts for operating and net income by 7% to 350 billion yen and 14% to 248 billion yen, respectively.
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