Nifco seen posting record profit on strong overseas sales
TOKYO -- Nifco Inc. is expected to report an all-time-high operating profit of nearly 16 billion yen ($154 million) for the year ended March 31, a 50% jump on the year and better than earlier projections of 15 billion yen.
Sales at the Japanese autoparts maker apparently rose 32% to around 185 billion yen, topping an earlier forecast by 5 billion yen. Backed by production increases at automakers, sales of plastic fasteners that connect vehicle chassis and interior parts were strong.
Autoparts sales grew sharply overseas, particularly in China and Europe. Domestic sales were brisk as well, driven by demand for automobiles in advance of April's consumption tax hike. Manufacturing and sales of high-end beds under the Simmons brand name were also robust.
With fastener sales expected to continue growing, record operating profit is expected again in the year ending March 2015.