Companies

Nidec Posts Record Profits for Fiscal 1st Half

REUTERS/Kim Kyung-Hoon/File Photo
Nidec Corp’s logo is pictured at an earnings results news conference in Tokyo, Japan, July 25, 2018.

Jiji Press

11:24 JST, October 25, 2023

KYOTO (Jiji Press) — Nidec Corp. on Monday reported record revenue and profits for its fiscal first half ended last month.

The Japanese motor maker also benefited from a weaker yen as well as structural reform that helped to push down fixed costs.

Consolidated net profit surged 22.4% from a year earlier to ¥106 billion, while operating profit climbed 20.1% to ¥115.7 billion. Revenue rose 2.6% to ¥1,160.6 billion.

The company saw operating profit from its automotive products plunge 51.6% from the April-June quarter mainly due to increased development investments aimed at expanding its lineup of motors for electric vehicles.