TOKYO—Toyoda Gosei has seen a significant rebound in sales and profits over the three months to end of June as markets recover from the COVID-19 slowdown.
Operating profit for the first quarter came in at $103 million, up from a loss of $90 million reported in the same quarter last year, Toyoda Gosei said Aug. 2
Sales for the first quarter of the 2022 fiscal year stood at $1.9 billion, up 82.6 percent from last year.
Toyoda Gosei linked the increase in sales and profits to the recovery in automotive production following cutbacks due to the outbreak of COVID-19 last year.
The Japanese supplier noted that the strong gains in the Americas, China, Japan and Europe were achieved despite a global shortage of semiconductors.