Shizuoka, Japan — Yamaha Corp. boosted sales at a double-digit percentage rate in the fiscal year ending in March and boosted operating income and net income at triple-digit rates, thanks largely to the changing value of the Japanese yen, the company reported.
Consolidated global sales were up 43.4 billion yen, or 18 percent, to 410.3 billion yen $4.01 billion), thanks to a 42.8 billion yen gain from currency fluctuations, the company said. Consolidated operating income was up by 16.8 billion yen, or 182 percent, to 26 billion yen ($254.3 million) because of a 13.7 billion yen gain from currency fluctuations. Net income was up 18.8 billion yen, or 455.5 percent, to 22.9 billion yen ($224 million).
Consolidated results include the company’s musical instruments, electronic devices (including semiconductors), and audio equipment segments. Audio consists mainly of home and pro audio but also includes such equipment as routers and conferencing systems.
Global sales of audio equipment were down in all regions on an actual basis, excluding foreign-exchange fluctuations, the company said. Segment sales were up 12.9 billion yen (or 14 percent) to 105.5 billion yen ($1.03 billion) because of a 14 billion yen gain arising from currency fluctuations. Segment operating income was up 1.3 billion yen (or 28.8 percent) to 5.9 billion yen or $57.7 million) because a 3.4 billion yen gain from currency fluctuations.
Audio equipment accounted for 25.7 percent of the year’s consolidated sales.
On a consolidated basis, North American sales rose 20.8 percent, or 11.5 million yen, to 66.6 billion yen or $651.4 million), mainly because of an 11 billion gain from currency fluctuations. Excluding currency gains, sales were up about 400 million yen ($3.9 million), “due mainly to higher sales in the piano and digital musical instruments [segment],” the company said.