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Higher sales in Daikin's key business units boost FY'17 profit

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Higher sales in Daikin's key business units boost FY'17 profit

Air conditioning equipment manufacturer Daikin Industries Ltd.'s profit attributable to owners increased 22.8% year over year to ¥189.05 billion, or ¥646.08 per share, in the fiscal year ended March 31. Daikin said the increase in profit was partly because of lower income taxes due to tax revisions in the U.S.

Sales were up 12.1% year over year to ¥2.291 trillion from ¥2.044 trillion as sales of the company's air conditioning and refrigeration equipment business increased 11.9% year over year to ¥2.053 trillion because of higher sales in Japan, Europe, China, Americas, Asia, Oceania, Middle East and Africa.

Sales of its chemicals business were up 16.8% to ¥183.15 billion.

Operating profit was ¥253.74 billion for the year, up 10.0% from ¥230.77 billion in the previous same period. Operating profit of air conditioning and refrigeration equipment business rose 7.0% year over year and that of the chemicals segment rose 39.4% from the previous year.

Daikin expects profit attributable to owners to rise 6.4% to ¥108 billion, or ¥369.31 per share, for the first half of fiscal year ending March 31, 2019. Operating profit is projected to rise 6.0% to ¥158 billion, and net sales are expected to increase 9.8% to ¥1.290 trillion for the first half.

For the year ending March 31, 2019, profit attributable to owners is projected to decrease 4.8% from the previous year to ¥180 billion, or ¥615.52 per share. Operating profit is expected to increase 6.4% to ¥270.00 billion and net sales are projected to rise 8.3% to ¥2.480 trillion.