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Denso’s Fiscal-Year Profits Plunge
Denso Corp. ended its fiscal year on March 31 with more revenue but less profit as its ramped up spending on advanced mobility technologies.
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Denso Corp. ended its fiscal year on March 31 with more revenue but less profit as its ramped up spending on advanced mobility technologies.
Full-year sales rose 5% to 5.4 trillion yen ($48.1 billion), buoyed by vehicle production gains and an upturn in the installation of safety-related features.
But consolidated operating profit plunged 23% to 316 billion yen ($2.8 billion), largely because of erosion in Japan (-37%) and North America (-30%). Cost-cutting measures improved EBIT in Asia (+6%) and Europe (+14%). Consolidated net profit for the year fell 21% to 255 billion yen ($2.3 billion).
Denso predicts significant gains in performance during the current fiscal year. The company anticipates increases of 3% in revenue, 20% in operating profit and 20% in net profit.
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