VT HOLDINGS CO., LTD. (7593, First Section, Tokyo Stock Exchange) Issues Operating Performance for the Three Months Ended June 30, 2017
Aug 25, 2017, 09:30 ET
TOKYO, Aug. 25, 2017 /PRNewswire/ -- VT HOLDINGS (TOKYO: 7593) is pleased to announce its results for the three months ended June 30, 2017.
Summary of Results
During the first three months of the year, VT HOLDINGS sold 23,078 new and used vehicles, up 7,016 units, or 43.7%, from one year earlier. The company recorded consolidated net sales of JPY46,907 million (up 47.2% YoY), operating income of JPY1,172 million (up 21.6% YoY), ordinary income of JP1,247 million (up 39.8% YoY) and profit attributable to owners of parent of JPY651 million (up 49.2% YoY).
In the automotive business, the Company's sales amounted to JPY44,336 million (up 42.6% YoY), with operating income of JPY1,226 million (up 2.8% YoY).
Within the automotive business, in the new car segment in Japan, sales of Honda vehicles numbered 1,209 units (down 0.7% YoY). Sales of Nissan vehicles were favorable, at 3,309 units (up 41.3% YoY), as the previous year's suspension on sales of two light vehicle models was lifted. Overall sales of new cars for the Group as a whole, including overseas sales, amounted to 8,853 units (up 66.9% YoY). These substantially higher unit sales led to higher profitability and contributed to higher sales and income.
In the automotive business's used car segment, overseas exports were up substantially, to 2,002 units (up 26.0% YoY). In this segment, unit sales for the Group accordingly amounted to 14,225 units (up 32.2% YoY). However, the sharp increase in unit sales failed to overcome sluggish export and domestic prices, and sales and income both 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. In the rent-a-car segment, sales increased, but income was down slightly, due to an increase in depreciation and amortization expenses.
In the housing-related business, the Company is developing the condominium business in Aichi and Gifu prefectures. In the detached homes segment, the Company also is expanding at its locations in Tokyo, Osaka and Nagoya. Owing to favorable performance in these areas, sales in the housing-related business came to JPY2,523 million (up 248.5% YoY), and operating income was JPY208 million (compared with an operating loss of JPY63 million in the corresponding period of the previous fiscal year).
VT HOLDINGS CO., LTD. (7593, First Section, TSE) "Summary of Consolidated Financial Results for the Three Months Ended June 30,2017" is available here:
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SOURCE VT HOLDINGS CO., LTD.
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