On July 28, Hino Motors announced its consolidated financial results for the first quarter (April to June) of fiscal 2017.
According to these results, net sales were 381.5 billion yen (down 6.3% year on year), operating income was 14.8 billion yen (down 41.5% yoy), ordinary income was 13.2 billion yen (down 47.9% yoy), and profit attributable to owners of parent was 9.6 billion yen (down 45.2% yoy). This marked the first time in two years that both net income and profit declined in the first quarter.
Though domestic sales grew 12.4% to 14,300 units through overall results of trucks and buses, sales outside of Japan dropped by double digits, falling 10.5% to 24,800 units, due to the sluggish economies of oil producing nations with the drop in crude oil prices. Overall sales for Hino trucks and buses declined 3.3% to 39,100 units.
Moreover, vehicles for the Toyota brand fell 10.9% to 32,200 units, primarily due to the decline in sales of SUVs.
Hino has maintained its consolidated forecast from the previous year.