Mitsuba Corporation revised earnings guidance for the fiscal year ending March 31, 2024. For the period, the company now expects net sales of ¥340,000 million against previous guidance of ¥322,000 million; operating income of ¥19,000 million against previous guidance of ¥15,000 million; Profit attributable to owners of the parent of ¥11,000 million or ¥232.37 basic per share against previous guidance of ¥8,000 million or ¥165.34 basic per share.
For the fiscal year ending March 2024, Although the sales plan was not achieved in real terms because the sales slump in the China area had a significant impact, both sales and profit items are expected to exceed the full- year forecasts at the beginning of the year, due to the unexpected depreciation of the yen, improvements of sales prices/distribution costs and lowering fixed costs.