KYOTO (dpa-AFX) - Kyocera Corp. (KYO), Japanese multinational ceramics and electronics manufacturer, reported that its profit attributable to owners of the parent for the fiscal 2019 increased 30.4% to 103.21 billion yen from fiscal 2018, due in part to lower tax expenses.
Operating profit increased by 4.5% to 94.82 billion yen, from the prior year.
Profits increased as compared with fiscal 2018, due to the effects of the increase in sales revenue, as well as cost reduction efforts in each division, which more than offset settlement expenses in the amount of 52.31 billion yen relating to long-term purchase agreements for procurement of polysilicon material in the solar energy business and an impairment loss in the amount of 16,184 million yen relating to machinery, equipment, goodwill and intangible asset in the organic materials business.
Sales revenue for fiscal 2019 increased 3.0% to 1.62 trillion yen, from last year.
Looking ahead for the year ending March 31, 2020, the company now expects profit attributable to owners of the parent to be 125.00 billion yen or 345.10 yen per basic share, operating profit of 140.00 billion yen, and Sales revenue of 1.70 trillion yen.
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