Growth of Daikin's global Air-Conditioning business in the first quarter of its 2013 fiscal year was enough to overcome a year-on-year decline in operating income for its Chemicals business.
The Japan-based company saw sales of commercial use air-conditioners drop in China, which saw lower real estate investment. The company shifted its focus to retailers and authorized sales dealers in China's residential use market to drive sales of multi-split air-conditioners.
In the ASEAN region, dealer development proceeded in the important markets of India, Vietnam, and Indonesia, and the company saw substantial increases in residential sales.
In the United States, Goodman saw increases in the residential replacement market, as well as expanded sales in the new home construction market through the launch of new energy-saving products.
Daikin reported FY 2013 first quarter net sales were 460.4 billion yen, up 147% from 313.8 billion yen in the first quarter of FY 2012.
Net income in the first quarter was 26.6 billion yen, up 233% from 11.4 billion yen in the first quarter of FY 2012.
The company forecasts net sales of 1760.0 billion yen for its full 2013 fiscal year, which would be 136% of fiscal year 2012 net sales.
The company forecasts net income of 64.0 billion yen for the 2013 fiscal year, or up 147% from FY 2012.
to Daily News