Nidec Q1 Operating Profit Rises; Net Sales Down 7% - Quick Facts

(RTTNews) - Nidec Corp. reported IFRS-based profit attributable to owners of the parent of 20.28 billion yen for the three-month period ended June 30, 2020 compared to 3.28 billion yen, previous year. Earnings per share was 34.63 yen compared to 5.58 yen. This was due to the loss related to sales of the business of compressor for refrigerator of Secop and others of the prior year. Profit for the period from continuing operations decreased 12.6% to 20.69 billion yen. Operating profit was 28.11 billion yen, an increase of 1.7%, mainly due to thorough manufacturing cost improvement, fixed cost rationalization, and others through WPR4 Project, despite the decrease in profits due to the decrease in sales.

For the three month period ended June 30, 2020, net sales was at 336.9 billion yen, a decline of 7% from previous year.