TOKYO (dpa-AFX) - Koito Manufacturing Co. Ltd. (KOTMY, KOTMF, 7276.T), a Japanese maker of automotive lighting devices, aircraft parts, electronic devices, and others, on Tuesday reported an increase in net income and sales for the first half.
For the six-month period to September 30, the company posted a net income of JPY 11.841 billion, or JPY 42.07 per share, higher than JPY 11.282 billion, or JPY 37.29 per share, in the same period last year. The earnings were supported by increased volumes, particularly of hybrid vehicles in the U.S. and efforts to improve efficiency in each region, the company said.
Ordinary profit was JPY 22.792 billion, higher than JPY 19.871 billion in the previous year. Operating profit moved up to JPY 19.852 billion from the prior year's JPY 18.067 billion.
Sales improved to JPY 446.851 billion from last year's JPY 444.073 billion, driven by a recovery from the previous fiscal year's quality issues in some Japanese and American OEMs, as well as new orders in various regions.
Looking ahead, for the full year, Koito Manufacturing now expects to post a net income of JPY 28 billion, up 39.4% from last year. Net income per share is now anticipated to be at JPY 100.90.
Koito Manufacturing now projects annual sales to be at JPY 913 billion, up 0.4% from last year.
For the full year, the company still aims to pay a total dividend of JPY 56 per share, unchanged from last year's JPY 56 per share.
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