TOKYO — Onward Holdings said Friday that its net profit for the six months ended August 31 grew by nearly six times the figure for the same period last year, due largely to a low comparative base.
Net profit for the company’s fiscal first half totaled 522 million yen, or $6.52 million at average exchange rates for the period. This was up from just 76 million yen, or $945,440 last year.
Operating profit leapt 97.5 percent to 3.16 billion yen, or $39.43 million.
Onward’s sales for the half grew by 6.3 percent to 120.89 billion yen, or $1.51 billion.
“In our domestic business, each company beginning with Onward Kashiyama has increased its sales and profits by moving forward with assertive expansion of operations,” the company said in a release.
“Regarding our overseas business, we have implemented proactive policies for expanding our global business in Europe, but we fell short of our plan in a big way due to [the deteriorating economic climate in Europe]. In Asia, environmental changes in China had a large effect [on our business] and led to a decrease in profits.”
The company left its guidance for the full year ending February 28 unchanged from the previous forecast. It expects net profit will increase by 41.7 percent to 5 billion yen, or $63.67 million at current exchange rates. Onward forecasts operating profit will expand 26 percent to 13.8 billion yen, or $175.73 million. It is expecting net sales to grow by 10 percent to 266.6 billion yen, or $3.39 billion.
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