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Japan's Koito raises FY'18 dividend

Koito Manufacturing Co. Ltd. raised its full-year dividend for fiscal 2018 to ¥96 per share from ¥54 per share in the previous fiscal year, according to the company's 2018 annual report released Aug. 28.

The increased dividend came on the back of a 47.1% year-over-year increase in the Japanese automotive lighting company's attributable profit to ¥83.39 billion. Operating income came in at ¥103.7 billion, up 12.2% year over year, while recurring profit increased 13.2% to ¥107.9 billion.

Meanwhile, Koito said in the report that it expects to record lower net profit and sales in the fiscal year ending March 31, 2019 due to the non-consolidation of its unit, Shanghai Koito Automotive Lamp Co. Ltd., at the end of March 2018.

The company also expects an increase in research and development spending to affect its fiscal 2019 earnings.

As of Aug. 29, US$1 was equivalent to ¥111.75.