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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.
