AICHI, Japan—Toyoda Gosei Co. Ltd. has seen revenue and profits rise over the first nine months of its fiscal year, due mainly to a strong performance in the U.S. market.
Sales over the nine months to end of December were up 17 percent year-on-year at $5.3 billion due mainly to the recovery of automotive production in overseas and the foreign exchange effects of the weaker yen.
Higher sales, Toyoda Gosei said Feb. 7, were achieved despite production cutbacks by major customers in Japan, due to semiconductor shortages and "other factors."
In terms of profits, the group reported a 25-percent rise in operating profit to $179.7 million, driven by higher sales and a "group-wide initiative" to address costs and increase revenue.
In terms of geographical regions, Toyoda Gosei saw sales in Japan decline 2 percent year-on-year to $2.2 billion, mainly due to production cutbacks by major customers.
Segment profit plunged 90 percent to $6.09 million, due mainly to the impact of decreased sales, changes in the product mix and an increase in fixed costs.