Aisin Seiki Co.'s net profit fell in the fiscal first quarter ended June 30 from the year-earlier period, when earnings were inflated by an extraordinary item, the automotive parts supplier said Friday.
Net profit fell 25 percent to 31.49 billion yen ($280.3 million), as revenue rose 9.3 percent to $8.16 billion. Operating profit fell 9.3 percent to $476.6 million at the Toyota Group member.
The year-earlier quarter had seen a stock swap with Shiroki Corp. that resulted in a $173.6 million gain. Excluding that and other extraordinary items, operating income in the recently completed quarter climbed 19 percent to $470 million, largely on higher sales, the company said in a presentation.
The company reported stronger sales of automatic transmission and body parts, and it also benefited from the revenues of a newly consolidated unit, Art Metal Manufacturing Co.
Operating profit fell 7.6 percent to $292.9 million in Aisin's largest region, Japan, even as revenue there rose 13 percent to $4.75 billion. In North America, operating profit tumbled 48 percent to $27.6 million as revenue rose 4.2 percent to $1.32 billion.
Aisin Seiki Co., of Kariya, Japan, ranks No. 6 on Automotive News' list of the top 100 global suppliers, with parts sales to automakers of $31.39 billion in the fiscal year ended March 31.