Toyo Denki Exceeds Profit Forecasts Despite Sales Shortfall

TOYO ELECTRIC MFG CO LTD (JP:6505) has released an update.

Toyo Denki Seizo K.K. reported a disparity between its forecasted and actual financial results for the fiscal year ended May 31, 2024, with net sales falling short but profits exceeding expectations due to profitability improvements and foreign exchange gains. Despite these gains, the company recorded extraordinary losses, including business restructuring expenses in China and a loss related to an engine breakage incident by a subsidiary.

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