JAPAN: Daikin reports record sales and profits in the first quarter to June 2018.

The Japanese air conditioning and chemical manufacturer saw sales rise 12% to JPY656.8bn (US$5.9bn) compared to the same period last year. Profits were also up 12% to JPY83.1bn ($748m).

AC sales were up 11% overall at JPY595.1bn ($5.4bn). Europe and Oceania performed particularly well. Sales in Oceania increased 25% to JPY18.3bn ($164.6m), while European ac sales were up up 22% to JPY87.4bn ($784m). Political instability in the Middle East was blamed for a downturn in sales there of 8% to JPY10.6bn ($95m).

Europe saw increases in sales of high value R32 equipment in both residential and commercial sectors.

An expanded sales network across Asia and Oceania is said to have led to the increase there. Top performers were Indonesia (+34%), Australia (+27%) and Thailand (+24%).