Tokai Rika Announces Financial Results for the First Quarter Ended 30 June 2014; Revised Earnings Guidance for the Full Fiscal Year 2015
July 31, 2014 at 11:04 am EDT
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Tokai Rika announced financial results for the first quarter ended 30 June 2014. Net sales increased marginally during the period, by 0.7% year on year to JPY 107.7 billion. Operating income was down 9.5% year on year to JPY 7.3 billion, but net income jumped 6.8% year on year to JPY 5.2 billion.
The company is projecting a strong performance for fiscal year 2015 based on Toyota's expectations of another record year in 2014, while the yen is expected to maintain its weakening trend. Meanwhile, in an effort to further boost its sales, Tokai Rika has been looking to enter the field of vehicle interior decorating and is targeting automakers other than Toyota in a bid to secure contracts to decorate interior parts of luxury offerings. For the full fiscal year 2015, the company has revised its earnings expectations. The company now projects net sales of JPY 448 billion for fiscal year 2015, against an earlier forecast of JPY 444 billion. Operating income is expected to reach JPY 29.5 billion, up from an earlier projection of JPY 28.5 billion, while net income is forecast at JPY 19.5 billion, against an earlier expectation of JPY 19 billion.
TOKAI RIKA CO., LTD. is mainly engaged in the manufacture and sale of automobile parts. The Company provides automobile field products including switches, seatbelts, key locks, shift levers, automobile mirrors, steering wheels and decorations, as well as non-vehicle field products including entrance immobilizers, window lock monitoring systems and others.