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Electronics

Daikin weathers COVID storm with new AC unit and global plan

Hot demand for home models and eco-products offset cool corporate sales

Investors have been impressed with Daikin's performance during the pandemic, sending its market cap to a record high in mid-January.

OSAKA -- Daikin Industries, Japan's leading manufacturer of air conditioners, remains resilient amid the COVID-19 pandemic.

The company reported its first sales and profit declines in 11 years in the year ended March, but results were much better than initial forecasts and it expects a 13% jump in operating profit this year. Analysts attribute the company's strength to its ability to recognize its own weaknesses and quickly rectify them.

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