FURUNO ELECTRIC CO.,LTD.'s consolidated results for the six months ended August, announced by the company, showed revenue and operating profit well above plan, while net profit finished slightly below the year-earlier period. The main factor is believed to have been stronger-than-planned sales to the marine market.
FURUNO ELECTRIC CO.,LTD. released its consolidated results for the six months ended August on this day. Revenue rose from the previous forecast of ¥76.0 billion to ¥79.9 billion, an increase of 16.4% year on year. Operating profit rose from ¥10.0 billion to ¥12.8 billion, up 37.6% year on year, while net profit increased from ¥8.0 billion to ¥9.9 billion, narrowing the decline.
Foreign exchange rates were generally in line with assumptions, while orders and sales related to shipbuilding exceeded expectations against the backdrop of high levels of outstanding work in the marine market. This increased revenue in the marine equipment business and contributed to the rise in overall revenue.
An improvement in the gross profit margin also contributed, and the company explained that its efforts to implement appropriate pricing had begun to produce results. The acceleration of shipbuilding schedules and market trends may have contributed more to profit than initially planned for the period.
The results were disclosed after the market close, and future developments are expected to remain a focus in subsequent updates.