Major Japanese electric motor maker Nidec Corp. said Tuesday its group net profit jumped 7.1 times in fiscal 2013 from a year earlier to a record ¥56.4 billion as robust sales of automotive components contributed to a sharp recovery from dismal results in fiscal 2012.
In its consolidated earnings report for the fiscal year that ended in March, the Kyoto-based company posted an operating profit of ¥85 billion, up 4.9 times, on sales of ¥875.1 billion, up 23.4 percent.
The company attributed its performance to the recovery in profitability of core products such as parts for automobiles, consumer electronics and industrial products.
For the current fiscal year ending in March 2015, Nidec projects its group net profit will rise 15.2 percent to ¥65 billion on sales of ¥950 billion, up 8.6 percent.
Nidec President Shigenobu Nagamori said in Osaka the firm aims to beat its estimate and garner sales of ¥1 trillion in the current year.