Akebono Brake Industry Co. Ltd. announced consolidated and non-consolidated earnings results for the financial year ended March 31, 2016. For the year, the consolidated company reported net loss attributable to owners of the parent of JPY 19.5 billion compared with JPY 6 billion in the previous year. Basic loss per share was JPY 146.31 against JPY 45.83 a year ago. Net sales for the period stood at JPY 281.3 billion, up 10.7% year on year against JPY 254.16 billion a year ago. Despite higher sales, the company posted an operating loss of JPY 3.7 billion compared with operating income of JPY 4 million in previous year. Ordinary loss was JPY 6.81 billion against profit of JPY 2.83 billion a year ago. Negative return on equity was 50.1% against 11.5% a year ago. Negative return on assets was 3.2% against positive of 1.3% a year ago. Cash flow from operating activities was JPY 7.52 billion against JPY 10.2 billion a year ago. Loss before income taxes was JPY 15.49 billion against JPY 0.616 billion a year ago. Net interest bearing debt was JPY 99.35 billion against JPY 95.8 billion a year ago.

For the year, the non-consolidated company reported net sales of JPY 80.7 billion, operating loss of JPY 907 million, ordinary income of JPY 2.23 billion, net loss of JPY 32.12 billion or JPY 241.40 per basic share compared to net sales of JPY 83.49 billion, operating loss of JPY 976 million, ordinary income of JPY 6.18 billion, net income of JPY 1.41 billion or JPY 10.63 per basic share a year ago.

The company provided earnings guidance for the first half and full year of fiscal year ending March 31, 2017. For the full year, the company expects net profit attributable to owners of the parent of JPY 200 million or JPY 1.50 per share, ordinary income of JPY 100 million, operating income of JPY 1.6 billion on sales of JPY 271.3 billion.

For the first half of fiscal year ending March 31, 2017, the company expects net sales of JPY 126 billion, operating loss of JPY 1.4 billion, ordinary loss of JPY 2.3 billion, loss attributable to owners of the parent of JPY 2.4 billion or JPY 18.04 per share.