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Net sales grew 243.0 billion yen (37.1%) year on year to total 898.0 billion yen. This is an all-time high for first fiscal half sales. The uptick comes from a gain of 244.3 billion yen resulting from a better sales mix variance due to increases in new car sales volumes in overseas markets as well as a gain of 7.1 billion yen from sales increases at the three internal companies. These gains offset an exchange loss of 8.4 billion yen due to the appreciation of the yen.
Operating income rose by 24.5 billion yen (130.6%) to reach 43.3 billion yen. Negative factors such as higher SG&A expenses, the stronger yen, and increased R&D expenses were all offset by a better sales mix variance due to increases in sales volumes and reduced materials costs. This will be looked at in further detail later on.
The operating income increase brought ordinary income up 23.7 billion yen (110.0%) to total 45.3 billion yen.
As a result of this jump in ordinary income, income before income taxes and minority interests amounted to 45.9 billion yen, up 5.7 billion yen (14.2%) over last fiscal year when a gain on the sale of the Subaru Building was posted. Net income rose 7.7 billion yen (23.5%) to reach 40.4 billion yen.
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