According to the 2016 first quarter financial statements for the Keihin Corporation (between April and June), the company posted a reduction in profits for the previous quarter of 26.6% at Â¥4.7 billion ($46 million USD) compared to the same period the previous year after tax deductions.
Sales of 2 wheelers, versatile products, and 4 wheeler products all saw a decline in profits due to exchange rate fluctuations, coming in at Â¥78.8 billion ($772 million USD), a 7.9% reduction. While 4 wheeler products saw an increase in sales in North America for heat exchange devices used for air conditioners in addition to increased sales in Thailand, Indonesia, and China, changes in exchange rates ultimately led to a loss in profits.
In terms of revenue, despite increases in depreciation and losses attributed to the exchange rate, the companyâ€™s endeavors into streamlining saw operating profits increase by 2.7% to Â¥6.4 billion ($62 million USD). The bottom line for that quarter ended up as a 41.1% reduction at Â¥2.1 billion ($20 million USD).
Projected earnings for the year were not revised.
[Translated by Bryce Clarke]