TOKYO (dpa-AFX) - Japanese manufacturer of passive components and magnetic application products TDK Corp. (TTDKF.PK, TTDKY.PK) reported Thursday that its first-quarter net income attributable to the company dropped 15.4 percent to 13.19 billion Japanese yen or $122.15 million from 15.59 billion yen a year ago.
Operating income for the quarter fell 26.2 percent to 18.44 billion yen or $170.74 million, from 24.98 billion yen in the previous year.
Net sales declined 8.1 percent to 309.39 billion yen or $2.86 billion from 336.82 billion yen in the previous year.
Looking ahead for fiscal 2021, the company continues to expect attributable net income of 48 billion yen and operating income of 70 billion yen and net sales of 1.29 trillion yen. The outlook reflects a 16.9 percent drop in attributable net income, 28.5 percent drop in operating income and 5.4 percent decline in net sales.
Copyright RTT News/dpa-AFX