Nitta post stable full-year outlook despite fiscal Q1 decline

Tokyo – Japanese industrial rubber products maker Nitta Corp. has reported a 12.7% year-on-year decline in first quarter operating profit, to Yen1,280 million (€8.1 million), on sales up 3.3% at Yen21,725 million.

The group’s product portfolio includes: power transmission belts; conveyor belts, tubing & fittings; automotive components; industrial parts; mechatronic products; and robotic parts.

Nitta linked the sales growth over the three months to 30 June to a recovery trend in the automotive industry, and the dip in operating income to a “sharp increase” in raw materials prices.

Earnings, it stated 4 Aug, were also significantly impacted by a dip in sales of “high-value added products, such as those supplied to the semiconductor industry.”

While Asian sales (16.2% of first quarter total), especially to China, were sluggish, domestic sales (70%) remained steady, resulting in a reduced overseas sales ratio – to 30.0% from 31.7%.

Europe & the US represented 13.8% of Nitta’s first quarter sales, just slightly above the level recorded for the same period of last year.

For its fiscal full-year to 31 March 2024, Nitta forecast operating income to come in 0.2% higher year-on-year at Yen5,000 million and sales to reach Yen89,000 million, 1.1% above the prior-year figure.