Cooking and water heating appliances maker Rinnai Corporation (Nagoya, Japan) yesterday released its financial results for the fiscal year March 31, 2006, reporting total net sales of 212.9 billion yen (approx. U.S. $1.9 billion), up 5.4 percent over the previous year.
Rinnai reported that 70.1 percent of its sales were in Japan, 19.7 percent was in other Asian nations (South Korea, China, Taiwan, Thailand, and Singapore) and 10.1 percent of its sales were in other markets (Australia, New Zealand and the U.S.).
The company said it has maintained it industry leadership position in Japan, even in a decade in which the domestic gas appliance market shrank by approximately 25 percent.
Rinnai's report stated that, "The gas industry still faces a serious challenge posed by the shift to 'all-electric homes.' Rinnai therefore confronts
very stiff competition from makers of electrical appliances."
The all-electric home has a futuristic image in Japan, the company said, but gas offers consumer convenience advantages.
"The industry as a whole is putting considerable efforts into so-called 'Eco-Jozu' (environmentally friendly) high-efficiency hot-water units. Rinnai, too, plans to strengthen its lineup of these products," the company stated.
to Daily News