Securing Profits Amid Exchange-Rate Effects in the China Business
First written in FY2017-Q1. 12 of 38 entries say "Advanced", first in FY2018-Q1. Latest entry: FY2027-H1.
The whole theme swung hardest in 2025: 71 of 159 companies on the "Worse" side.
- FY2027-H1AdvancedAnnual report
「In addition to stable handling of cargo bound for Japan, the weaker yen provided a tailwind, and operating revenue in China was ¥3,688 million, up 5.9% year on year. Segment profit was ¥390 million, up 27.8% year on year, reflecting an improved gross profit margin, as in Japan, as well as the effects of cost controls.」
The China business exceeded the year-earlier period in both operating revenue and segment profit, supported by stable handling of cargo bound for Japan, the weaker yen, an improved gross profit margin, and cost controls. - FY2026-H1WorsenedAnnual report
「Stable handling of cargo bound for Japan secured transportation-related revenue in China. As a result, operating revenue in China was ¥3,484 million, up 7.6% year on year. Segment profit was ¥305 million, down 10.1% year on year, as the gross profit margin was lower than in the same period of the previous year, as in Japan.」
The China business recorded higher revenue due to the stable handling of cargo bound for Japan, but the gross profit margin fell below the previous year’s level, resulting in a 10.1% decline in segment profit. - FY2025AdvancedAnnual report
「As a result, operating revenue in China was ¥6,869 million, up 6.8% year on year. In addition to improving the gross profit margin, efforts to reduce and control expenses resulted in segment profit of ¥678 million, up 12.4%.」
The China business posted full-year revenue and profit growth, driven by stable handling of cargo bound for Japan, an increase in the yen-denominated value of revenue due to the weaker yen, improved gross margins and cost reductions. - FY2025-H1AdvancedAnnual report
「Although the environment for orders for inspections and meter readings remained challenging, the stabilization of handling volumes for shipments to Japan from April enabled the company to secure transportation-related revenue in China. The increase in yen-equivalent values due to the weaker yen also further boosted revenue. As a result, operating revenue in China was ¥3,236 million, up 8.8% year on year. In addition to improving the gross profit margin, efforts to reduce and control expenses resulted in segment profit of ¥340 million, up 43.3%.」
In the China business, higher and more stable shipments to Japan, the increase in yen-equivalent values due to the weaker yen, improved gross profit margins and expense reductions drove further growth in revenue and profit. - FY2025-Q1AdvancedAnnual report
「Adjustments to cargo shipment timing and other factors led to a substantial decline in handling volumes for shipments to Japan in March alone this year, reducing revenue opportunities related to transportation in China. In addition, the challenging environment for orders for inspections and meter readings continued. As a result, operating revenue on a local-currency basis remained weak, but the increase in the yen-equivalent value due to the weaker yen was a positive factor, resulting in operating revenue in China of ¥1,504 million, up 1.8% year on year. In addition, efforts to improve the gross profit margin and reduce and control expenses resulted in segment profit of ¥144 million, up 32.4%.」
In the China business, weakness remained in shipments to Japan and orders for inspections and meter readings, but operating revenue increased 1.8% year on year and segment profit increased 32.4%, marking a shift from higher profit on lower revenue in the previous full year to higher revenue and profit. - FY2024Profit growth accelerated despite lower revenueAnnual report
「The decline in handling volumes for shipments to Japan reduced revenue opportunities related to transportation in China. As a result, operating revenue in China was ¥6,432 million, down 19.2% year on year. However, improvements in the gross profit margin and initiatives to improve profitability proved effective, resulting in segment profit of ¥604 million, up 12.1%.」
In the China business, operating revenue continued to decline, while segment profit increased 12.1% year on year due to initiatives to improve profitability, accelerating from the 7.3% increase in the cumulative third quarter of the previous fiscal year. - FY2024-Q3Profit continued to increase despite lower revenue, but the pace of growth slowedAnnual report
「The decline in handling volumes for shipments to Japan reduced revenue opportunities related to transportation in China. As a result, operating revenue in China was ¥4,723 million, down 18.4% year on year. However, improvements in the gross profit margin and initiatives to improve profitability proved effective, resulting in segment profit of ¥465 million, up 7.3%.」
In the China business, operating revenue declined due to lower shipments to Japan, while segment profit increased 7.3% year on year due to the improved gross profit margin and measures to improve profitability. Profit growth continued from the previous quarter, but the growth rate narrowed from 23.9%. - FY2024-Q2AdvancedAnnual report
「The decline in handling volumes for shipments to Japan reduced revenue opportunities related to transportation in China. As a result, operating revenue in China was ¥2,976 million, down 16.0% year on year. However, improvements in the gross profit margin and initiatives to improve profitability proved effective, resulting in segment profit of ¥237 million, up 23.9%.」
In the China business, operating revenue declined due to lower shipments to Japan, while segment profit increased 23.9% year on year due to the improved gross profit margin and measures to improve profitability. - FY2024-Q1AdvancedAnnual report
「As a result, operating revenue in China was ¥1,477 million, down 21.6% year on year. However, improvements in the gross profit margin and initiatives to improve profitability proved effective, resulting in segment profit of ¥108 million, up 106.8%.」
In the China business, operating revenue declined due to lower shipments to Japan, while segment profit increased 106.8% year on year due to the improved gross profit margin and measures to improve profitability. - FY2023MitigatedAnnual report
「As a result, operating revenue in China was ¥7,957 million, down 4.7% year on year, while segment profit was ¥538 million, up 38.1%, supported in part by improved profitability.」
In the China business, operating revenue continued to decline, while segment profit increased 38.1% year on year due to improved profitability. - FY2023-Q3China business revenue and profit continued to declineAnnual report
「As a result, operating revenue in China was ¥5,787 million, down 12.6% year on year, and segment profit was ¥433 million, down 7.0%.」
The China business recorded lower revenue and profit due to lower cargo volumes after the Shanghai lockdown and sluggish growth in shipments to Japan amid the weaker yen. - FY2023-Q2WorsenedAnnual report
「As a result, operating revenue in China was ¥3,541 million, down 12.8% year on year, and segment profit was ¥191 million, down 9.8%.」
The China business recorded lower revenue and profit due to declines in cargo volumes and revenue opportunities caused by the Shanghai lockdown. - FY2023-Q1WorsenedAnnual report
「As a result, operating revenue in China exceeded the previous year's level at ¥1,885 million, up 1.4% year on year. However, higher expenses due in part to rising personnel costs resulted in segment profit of ¥52 million, down 31.4%.」
In the China business, operating revenue increased, but higher costs due in part to rising personnel costs reduced segment profit to ¥52 million, down 31.4% year on year. - FY2022China business profit declined despite higher revenueAnnual report
「As a result, operating revenue in China exceeded the previous year's level at ¥8,353 million, up 9.2% year on year. However, increased expenses following the end of exemptions from statutory welfare costs and other factors, together with consolidation-specific adjustments, resulted in segment profit of ¥390 million, down 37.1%.」
In the China business, operating revenue increased 9.2%, while higher costs following the end of exemptions from statutory welfare costs and other factors, together with consolidation-specific adjustments, reduced segment profit by 37.1%. - FY2022-Q3RestatedAnnual report
「As a result, operating revenue in China exceeded the previous year's level at ¥6,619 million, up 16.2% year on year. However, the end of exemptions from statutory welfare costs that had applied during the cumulative third quarter of the previous consolidated fiscal year and other factors increased expenses, resulting in segment profit of ¥466 million, down 5.3%.」
In the China business, revenue increased due in part to the recovery in shipments to Japan, while higher costs following the end of exemptions from statutory welfare costs and other factors continued to keep segment profit below the previous year's level. - FY2022-Q2China business profit declined due to higher costs despite higher revenueAnnual report
「As a result, operating revenue in China exceeded the previous year's level at ¥4,061 million, up 10.6% year on year. However, the end of exemptions from statutory welfare costs that had applied during the cumulative second quarter of the previous consolidated fiscal year and other factors increased expenses, resulting in segment profit of ¥212 million, down 15.6%.」
In the China business, operating revenue increased 10.6% year on year, while higher costs following the end of exemptions from statutory welfare costs and other factors reduced segment profit by 15.6%. - FY2022-Q1MitigatedAnnual report
「Disruptions to logistics caused by the novel coronavirus infection in February and March of the previous year were resolved promptly and operations had normalized by the cumulative first quarter of the current consolidated fiscal year. Compared with the previous year, handling volumes for shipments to Japan recovered, and revenue opportunities related to transportation in China increased. As a result, operating revenue in China was ¥1,858 million, up 12.0% year on year, and segment profit was ¥76 million, up 27.5%.」
In China, logistics disruptions caused by the infection were resolved and operations normalized, while the recovery in shipments to Japan lifted both operating revenue and segment profit above the previous year's levels. - FY2021MitigatedAnnual report
「After the Lunar New Year holiday, manufacturing plants in various parts of China gradually resumed operations and disruptions to logistics were resolved. However, the decline in revenue opportunities in February of the previous year was significant, leaving operating revenue in China at ¥7,650 million, down 9.3% year on year. Meanwhile, efforts to reduce personnel costs and business activity expenses resulted in segment profit of ¥619 million, up 50.9%.」
In the China business, operating revenue declined, but segment profit increased 50.9% year on year due to reductions in personnel costs and business activity expenses, indicating an improvement in profitability. - FY2021-Q3MitigatedAnnual report
「After the Lunar New Year holiday, manufacturing plants in various parts of China gradually resumed operations and disruptions to logistics were resolved. However, the decline in revenue opportunities in February of the previous year was significant, leaving operating revenue in China at ¥5,696 million, down 10.5% year on year. Meanwhile, efforts to reduce personnel costs and business activity expenses resulted in segment profit of ¥492 million, up 18.2%.」
In the China business, operating revenue declined 10.5% year on year, while segment profit increased 18.2% due to reductions in personnel costs and business activity expenses, continuing the improvement in profitability. - FY2021-Q2MitigatedAnnual report
「After the Lunar New Year holiday, manufacturing plants in various parts of China gradually resumed operations from March, and disruptions to logistics were resolved. However, the decline in revenue opportunities in February was significant, leaving operating revenue in China at ¥3,670 million, down 9.8% year on year. Meanwhile, efforts to reduce personnel costs and business activity expenses resulted in segment profit of ¥251 million, up 14.9%.」
In the China business, operating revenue continued to decline, but segment profit increased 14.9% year on year due to reductions in personnel costs and business activity expenses, improving from the profit decline in the previous quarter. - FY2021-Q1WorsenedAnnual report
「The spread of the novel coronavirus in China led to an extension of the Lunar New Year holiday, temporarily halting orders for cargo shipments, inspections, meter readings and other ancillary services and reducing revenue opportunities in China. Manufacturing plants gradually resumed operations from March, and disruptions to logistics have been resolved. However, the decline in revenue opportunities in February was substantial, leaving operating revenue in China at ¥1,660 million, down 14.1% year on year. In addition to lower operating revenue, higher costs related to sales activities resulted in segment profit of ¥60 million, down 34.6%.」
In the China business, shipments and ancillary services were actually suspended due to the spread of the infection, resulting in a 14.1% year-on-year decline in operating revenue and a 34.6% decline in segment profit. - FY2020-Q3RestatedAnnual report
「As a result, operating revenue in China was ¥6,364 million, up 68.4% year on year, while segment profit was ¥428 million, down 11.0%, as higher selling, general and administrative expenses, including goodwill amortization, weighed on profit.」
In the China business, operating revenue expanded substantially due to the business combination and higher cargo volumes, while segment profit continued to fall below the previous year's level due to higher selling, general and administrative expenses, including goodwill amortization. - FY2020-Q2WorsenedAnnual report
「As a result, operating revenue in China was ¥4,067 million, up 82.8% year on year, while segment profit was ¥227 million, down 14.8%, as higher selling, general and administrative expenses, including goodwill amortization, weighed on profit.」
In the China business, operating revenue increased 82.8% year on year due to the business combination, while higher selling, general and administrative expenses, including goodwill amortization, widened the decline in segment profit to 14.8%. - FY2020-Q1China business revenue grew, but profit declined due to higher selling, general and administrative expensesAnnual report
「As a result, operating revenue in China was ¥1,933 million, up 99.3% year on year, while segment profit was ¥96 million, down 2.3%, as higher selling, general and administrative expenses, including goodwill amortization, weighed on profit.」
The business combination with Nisshin Transport nearly doubled operating revenue in the China business, but higher selling, general and administrative expenses, including goodwill amortization, caused segment profit to fall below the previous year's level. - FY2019AdvancedAnnual report
「The increase in handling of import and export cargo in China expanded revenue opportunities related to domestic transportation. As a result, operating revenue was ¥5,191 million, up 12.5% year on year, and segment profit was ¥658 million, up 7.5%, both above the previous year's levels.」
For the full year, the China business recorded operating revenue of ¥5,191 million and segment profit of ¥658 million, with both revenue and profit above the previous year's levels. - FY2019-Q3RestatedAnnual report
「In addition to increased revenue opportunities related to domestic transportation in China as import and export cargo volumes increased, the stronger renminbi raised the yen-equivalent value. As a result, operating revenue was ¥3,778 million, up 16.8% year on year, and segment profit was ¥481 million, up 12.3%, both above the previous year's levels.」
In the China business, both operating revenue and segment profit continued to exceed the previous year's levels, driven by increased import and export cargo and a stronger renminbi. - FY2019-Q2China business profit turned to year-on-year growthAnnual report
「In addition to increased revenue opportunities related to domestic transportation in China as imports and exports increased, the renminbi's appreciation also increased the yen-denominated amount. As a result, operating revenue was ¥2,225 million, up 10.1% year on year, and segment profit was ¥266 million, up 13.3% year on year, both exceeding the levels in the same period of the previous year.」
The China business turned from a year-on-year decline in segment profit in the previous quarter to a position in which both operating revenue and segment profit exceeded the previous year's levels, against a backdrop of increased import and export cargo and a stronger renminbi. - FY2019-Q1Operating expenses pressured profit despite higher revenue driven by a stronger renminbiAnnual report
「Due to a two-month difference in the fiscal year-end dates of the Chinese and Hong Kong subsidiaries, revenue opportunities related to shipments to Japan and domestic transportation in China increased in January and February this year. In addition, the stronger renminbi increased the yen-equivalent value. As a result, operating revenue was ¥970 million, up 4.6% year on year and above the previous year's level. However, higher operating expenses resulted in segment profit of ¥98 million, down 4.8%.」
In the China business, operating revenue increased due in part to the stronger renminbi, but segment profit fell below the previous year's level due to higher operating expenses. - FY2018AdvancedAnnual report
「The increase in shipments to Japan expanded revenue opportunities related to transportation in China, including customs clearance and delivery. As a result, operating revenue was ¥4,612 million, up 11.2% year on year and above the previous year's level. Efforts to control selling, general and administrative expenses also resulted in segment profit of ¥612 million, up 37.6%.」
In the China business, full-year segment profit increased to ¥612 million, up 37.6% year on year, due to higher shipments to Japan and control of selling, general and administrative expenses. - FY2018-Q3AdvancedAnnual report
「The increase in shipments to Japan expanded revenue opportunities related to transportation in China, including customs clearance and delivery. As a result, operating revenue was ¥3,233 million, up 8.7% year on year and above the previous year's level. Efforts to control selling, general and administrative expenses also resulted in segment profit of ¥428 million, up 41.3%.」
In the China business, segment profit increased to ¥428 million, up 41.3% year on year, due to higher shipments to Japan and control of selling, general and administrative expenses. - FY2018-Q2AdvancedAnnual report
「In addition, efforts to control selling, general and administrative expenses resulted in segment profit of ¥235 million, up 59.2% year on year.」
In the China business, the impact of the weaker renminbi continued, but segment profit increased to ¥235 million, up 59.2% year on year, due to control of selling, general and administrative expenses. - FY2018-Q1AdvancedAnnual report
「The increase in shipments to Japan led to higher revenue from transportation-related services in China, including customs clearance and delivery. However, the yen-equivalent value also declined due to the weaker renminbi, leaving operating revenue at ¥927 million, broadly unchanged from the previous year and up 0.3% year on year. Meanwhile, efforts to control selling, general and administrative expenses resulted in segment profit of ¥103 million, up 57.9%.」
In China, the yen-equivalent value declined as the renminbi weakened, while segment profit rose to ¥103 million, up 57.9% year on year, due to control of selling, general and administrative expenses. - FY2017-Q3RestatedAnnual report
「Although shipments to Japan increased, the yen-equivalent value of local-currency amounts declined as the yen continued to strengthen. As a result, operating revenue was ¥2,974 million, down 17.9% year on year. However, efforts to secure stable profit through an improved gross profit margin and control of selling, general and administrative expenses resulted in segment profit of ¥303 million, up 0.6%.」
In China, the company continued to offset the decline in operating revenue caused by the stronger yen through an improved gross profit margin and control of selling, general and administrative expenses, thereby securing segment profit. - FY2017-Q2RestatedAnnual report
「Although shipments to Japan increased, the yen-equivalent value of local-currency amounts declined as the yen continued to strengthen. As a result, operating revenue was ¥1,869 million, down 17.5% year on year. However, efforts to secure stable profit through an improved gross profit margin and control of selling, general and administrative expenses resulted in segment profit of ¥147 million, up 13.8%.」
In China, operating revenue declined due to the stronger yen, while the company continued to secure profit through an improved gross profit margin and control of selling, general and administrative expenses. - FY2017-Q1First statedAnnual report
「Although shipments to Japan increased, the yen-equivalent value of local-currency amounts declined due to the yen's strengthening trend. As a result, operating revenue was ¥925 million, down 15.0% year on year. However, improved gross profit margin and the effect of controlling selling, general and administrative expenses enabled the company to secure stable profit, resulting in segment profit of ¥65 million, up 11.0%.」
Operating revenue declined due to the decrease in yen-equivalent values, but segment profit increased as a result of the improved gross profit margin and control of selling, general and administrative expenses.