TOKYO, July 29, 2015:
Japan’s Hitachi today said its net profit surged 31.3% in the April-June quarter, aided by a sharp drop in the yen, cost cuts and strong results in its auto and railway divisions.
Nissan said its net profit for the three months to June soared 36.3% on strong sales in North America and Europe. Robust sales in foreign markets and the benefit of a sharply weaker yen drove up the firm’s performance, said Carlos Ghosn, president and chief executive officer.
Japanese electronics giant Panasonic said its net profit soared 57% from a year ago. The upbeat net profit was also supported by Panasonic’s lesser-known auto parts unit.
The segment profit grew 35% from the same period last year “due mainly to rationalisation in materials, fixed-cost reductions and the positive impact of exchange rate fluctuation”, the company said in a statement.
Panasonic’s auto division makes various products found in vehicles, including electrical components and car navigation systems.
A weaker yen has made Japanese exporters relatively more competitive overseas and inflated the value of repatriated overseas profits.
Japanese automakers have benefited significantly from the healthy growth seen in the US market, while the weaker yen has made Japanese automakers relatively more competitive overseas.