VT Holdings Co., Ltd. (7593, First Section, Tokyo Stock Exchange) Issues Operating Performance for the Fiscal Year Ended March 31, 2017
TOKYO, May 23, 2017 /PRNewswire/ -- VT Holdings (TOKYO: 7593) is pleased to announce its results for the fiscal year ended March 31, 2017.
Summary of Results
During the year ended March 31, 2017, unit sales of new cars were up 2.8% year on year. The Group was affected by Nissan Motor Company's suspension of sales of two light vehicle models between April and June 2016, but higher sales by the Group's 12 subsidiaries prompted increased sales by the Group. These subsidiaries include Motoren Shizuoka (began sales as a BMW dealer in April 2016), Wessex Garages Holding Limited of the United Kingdom (became a subsidiary in May) and Master Automocion, S.L. of Spain (became a subsidiary in October). Unit sales of new and used cars amounted to 82,916 vehicles, up 9,099 units, or 12.3%, year on year.
During the year, VT Holdings recorded consolidated net sales of JPY169,560 million (up 15.8% YoY), operating income of JPY7,592 million (down 0.4% YoY), ordinary income of JPY7,937 million (up 4.4% YoY) and profit attributable to owners of parent of JPY4,421 million (up 8.1% YoY).
In the automotive business, the Company's sales amounted to JPY162,687 million (up 16.2% YoY), with operating income of JPY7,529 million (down 2.4% YoY).
Within the automotive business, in the new car segment sales in Japan struggled, but overseas and other Group companies exceeded the previous year's sales on a unit basis, leading to sales of 33,616 units (up 22.0% YoY), contributing to higher sales and income.
In the automotive business's used car segment, overseas exports were lackluster, but sales by newly consolidated subsidiaries expanded. In this segment, unit sales for the Group accordingly amounted to 49,300 units (up 6.6% YoY). The higher unit sales lifted segment sales, but income declined.
In the automotive business's service segment, existing and newly consolidated subsidiaries experienced increases in orders for inspections and repairs, as well as commission revenue, leading to higher sales and income. Sales and income also rose in the rent-a-car segment.
In the housing-related business, sales came to JPY6,731 million (up 7.4% YoY), and operating income was JPY541 million (up 86.2% YoY).
In the housing-related business, the Company is developing the condominium business in Aichi and Gifu prefectures, where performance was extremely strong. Business was also robust overall in the detached homes segment, which the Company is expanding at its locations in Tokyo, Osaka and Nagoya, and the company worked to increase orders from commercial facilities outside the Group.
For the fiscal year ending March 31, 2018, VT Holdings forecasts net sales of JPY196.0 billion (up 15.6% YoY), operating income of JPY8.5 billion (up 12.0% YoY), ordinary income of JPY8.5 billion (up 7.1% YoY) and profit attributable to owners of parent of JPY4.8 billion (up 8.5% YoY). The Company forecasts ordinary dividends for the year of JPY18 per share, comprising interim and year-end dividends of JPY9 each.
VT Holdings Co., Ltd. (7593, First Section, TSE) "Summary of Consolidated Financial Results for the Year Ended March 31, 2017" is available here:
http://www.vt-holdings.co.jp/eng/ir/library/pdf/20170523_FS.pdf
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SOURCE VT HOLDINGS CO., LTD.
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