Aichi, Japan – Automotive components producer Denso Corp. has reported an 80.7% decline in full year operating profit to Yen61 billion (€525 million), due mainly to Covid-19 pandemic and quality cost provisions.
Revenue fell 3.9% to Yen5,100 billion for the year ending 31 March, reflecting a drop in demand as a result of Covid-19 and currency impact, Denso announced 30 April.
"It will take considerable time for economies to recover to pre-coronavirus levels," Denso CEO Koji Arima said in a live-streamed media briefing. "This will be a long-term battle. The industry is fighting for its survival."
Denso did not offer a full year forecast for the financial year 2021, ending March 2021, due to the effects of Covid-19.
