Denso has unveiled first-half consolidated profit down 8.6% to US$966m, with revenue fractionally off 0.2% to reach US$24.3bn.
Denso revenue, not including foreign exchange fluctuations, increased due to car production growth in Japan and North America despite market slowdown in Asia, mainly in China and India.
"However, with foreign exchange fluctuations included, it led to a drop in overall revenue," said Denso EVP, Yasushi Yamanaka. "In spite of production volume increase and variable cost reduction, operating profit decreased due to Denso's increased investment for future growth, as well as currency exchange loss.
"Considering the market slowdown and impact of currency exchange fluctuations, we have revised our financial result forecast in anticipation of these effects.
Denso is a US$48.3bn global mobility supplier which develops technology and components for nearly every vehicle make and model.
The Japanese supplier has 211 facilities in 35 countries producing thermal, powertrain, mobility, electrification and electronic systems.
Denso is headquartered in Kariya, Japan.
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Original source: https://www.denso.com/global/en/news/news-releases/2019/20191031-g01/
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