DENSO Corp. posted net income of 150.1 billion yen on consolidated net sales of nearly 2 trillion yen for the first half ended Sept. 30, 2013. That compares to income of 78 billion yen on sales of 1.7 trillion yen for the same period in fiscal 2013.
Based on the exchange rate on Sept. 30, 2013, DENSO recorded net income of $1.5 billion on net sales of $20.2 billion for the first half of fiscal 2014. Its income-to-sales ratio was 7.4%.
Consolidated operating income was up 41%, from 136.2 billion yen to 192.2 billion yen.
"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," says Nobuaki Katoh, CEO and president and CEO.
In North America, sales increased to 402.8 billion yen ($4.1 billion), up 33.9% from the previous fiscal year. Operating income totaled 9.3 billion yen ($94.7 million), a 34.8% increase.
"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," says Katoh. DENSO's fiscal 2014 projections are net income of 264 billion yen on net sales of 4 trillion yen.
