TOKYO -- Japanese motor maker Nidec on Wednesday reported flat growth in operating profit for its fiscal April-June first quarter, as lockdowns in Shanghai and increases in materials costs put a dent in its ambitious sales and profit goals.
Its three-month operating profit came to 44.6 billion yen ($324 million), up just 0.2% from a year ago. Sales totaled 540 billion yen, up 20.8% year-on-year, helped by a weaker yen against the dollar. The automotive business lost money for the second straight quarter.
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