Toyoda Gosei delivers four-fold increase in earnings
2 Aug 2023
First quarter profits jump on higher production levels among customers, rationalisations
Tokyo – Increased global production among customers helped Toyoda Gosei (TG) to deliver 421% year-on-year increase in operating profit, to Yen1.6 billion (€103.9 million) for its fiscal first quarter ended 30 June.
Automotive and industrial components maker TG linked the huge jump in earnings to a 24% year-on-year rise in sales, to ¥259.3 billion, as well as rationalisation efforts.
In Japan, the rubber & plastics parts supplier's sales rose 24% year-on-year to ¥107.0 billion, while ‘segment income’ came to Yen 4.0 billion, reversing a loss of Yen1.3 billion a year ago.
TG's Americas business, meanwhile, posted a 30% year-on-year increase in revenues, to Yen95.9 billion, and ‘segment profit’ 284% higher at Yen7.7 billion.
Elsewhere, Asian revenues increased 16% year-on-year to Yen68.7 billion, while segment profit was up 50.6% at Yen4.9 billion.
At TG’s operations in Europe and Africa, sales increased 28% to Yen8.5 billion, while a segment loss of Yen0.3 billion marginally improved on a prior-year period loss of Yen0.6 billion.
