TOKYO (dpa-AFX) - Nidec Corp. (NJDCY.PK), a Japan-based manufacturer of electric motors as well as related components and equipment, reported that its profit attributable to owners of the parent for the nine-month ended December 31, 2020 increased 69.6% to 83.64 billion yen from the prior year due to significant increase from continuing operations and decrease in net loss from discontinued operations related to the business transfer in the previous fiscal year.
Operating profit for the period increased 24.0% to 115.54 billion yen from the prior year mainly due to the increase in sales by engaging in new demands as mentioned, thorough manufacturing cost improvement, fixed cost rationalization, and others through WPR4 Project.
Consolidated net sales from continuing operations increased 2.2% to 1.18 trillion yen from last year.
Looking ahead for year ending March 31, 2021, the company now expects profit attributable to owners of the parent to be 120.00 billion yen, an increase of 205.3% from the previous fiscal year. It projects annual operating profit to be 155.00 billion yen, and net sales of 1.55 trillion yen.
The company said its board has authorized the company to repurchase up to four million shares for about 50 billion yen from January 26, 2021 through January 25, 2022.
Copyright RTT News/dpa-AFX
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