DENSO, the world’s second largest mobility supplier, today announced its global financial results for its fiscal year 2019, ending March 31, 2020:
- Consolidated revenue totaled 5,153.5 billion yen (US$47.6 billion), a 3.9 percent decrease from the previous year.
- Consolidated operating profit totaled 61.1 billion yen (US$563.8 million), an 80.7 percent decrease from the previous year.
- Consolidated profit attributable to owners of the parent company totaled 68.1 billion yen (US$628.6 million), a 73.2 percent decrease from the previous year.
“Revenue decreased due to a decline in vehicle production and the impact of the COVID-19 outbreak. Operating profit decreased due to factors such as quality cost provisions, as well as effects from the COVID-19 pandemic,” said Koji Arima, president and CEO of DENSO Corporation.
In Japan, despite a production volume increase, currency exchange loss led to a decrease in revenue to 3,263.5 billion yen (US$30.1 billion), a 0.1 percent decrease from the previous year. Operating profit decreased 214.8 billion yen (US$2.0 Billion) to an operating loss of 88.8 billion yen (US$819.4 million), a 170.4 percent reduction from the previous year, due to quality improvement efforts and COVID-19 effects.
In North America, market slowdown led to a decrease in revenue to 1,176.3 billion yen (US$10.9 billion), a 3.0 percent decrease from the previous year. Operating profit totaled 23.5 billion yen (US$217.1 million), a 20.6 percent decrease from the previous year due to the production volume decrease, increases in expenses for R&D and investments to expand electrification production capabilities.
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SOURCE: DENSO
