Daikin to report further record profits

JAPAN: Air conditioning manufacturer Daikin is expected to report a fourth consecutive year of record profit when it publishes its 2016 figures on May 10.

According to the Nikkei Asian Review, the Japanese manufacturer will report a JPY230bn ($2.06bn) operating profit represents a 5% increase on the year, topping the projected 2% growth. Sales are estimated at around JPY2.04tn yen ($18.3bn), beating forecasts by some JPY40bn. Most of the growth is said to have come from the Asian emerging markets.

In the company’s Fusion 20 strategic management plan released last year, Daikin said it was looking to increase sales by nearly 50% to JPY3tn ($27bn) by 2020.