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Denso Corp has published global financial results for the first quarter ended 30th June 2003.
Consolidated net sales of 614.4 billion yen (US $5.1 billion) totalled 53% of the original estimate of 1,165 billion yen (US $ 9.7 billion), for the first half year ending 30th September 2003.
Operating income totalled 51.7 billion yen (US $431.0 million), and operating margin was 8.4%, 70% of the original first-half year estimate of 74 billion yen (US $616.7 million).
First-quarter income before income taxes and minority interests totalled 57.7 billion yen (US $480.9 million), 77% of the original first-half year estimate of 75 billion yen (US $625 million).
Consolidated net income totalled 29.1 billion yen (US $242.7 million) and net profit margin was 4.7%, 73% of the original first-half year estimate of 40 billion yen (US $333.3 million).
"The financial results for this first quarter were fairly satisfactory in comparison with our estimates, due to the higher domestic car production and favourable exchange rate", said Nobuaki Katoh, Chief Financial Officer, Denso Corp.
In Japan, sales totalled 436.5 billion yen (US $3.6 billion), 52% of the original first-half year estimate of 840 billion yen (US $7 billion).
Operating income of 36.5 billion yen (US $304.5 million) is equivalent to 69% of the original first-half year estimate of 53 billion yen (US $441.7 million).
In North America, Central America and South America, sales totalled 146.3 billion yen (US $1.2 billion), achieving 53% of the original first-half year estimate of 277 billion yen (US $2.3 billion).
Operating income of 10.7 billion yen (US $89.4 million) equalled 67% of the original first-half year estimate of 16 billion yen (US $133.3 million).
In Europe, sales totalled 84.2 billion yen (US $702.1 million), 58% of the original first-half year estimate of 146 billion yen (US $1.2 billion), and operating loss totalled 0.3 billion yen (US $2.4 million).
In Asia and Oceania, sales of 53.1 billion yen (US $442.8 million) achieved 56% of the original first-half year estimate of 95 billion yen (US $0.8 billion), and operating income totalling 5.2 billion yen (US $43.7 million), equalled 74% of the original first-half year estimate of 7 billion yen (US $58.3 million).
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