Yamaha Motor Co. said that the profound effect of the Covid-19 pandemic, with widespread closures of its manufacturing facilities and continued supply-chain issues, was a chief cause of a decline in net sales for the year.
For all divisions, net sales declined by 193.5 billion yen ($1.8 billion) to 1,471.3 billion yen ($14.9 billion), a loss of 11.6 percent.
In the marine group — which includes outboards, PWC and boats — net sales decreased 21.7 billion yen ($206 million) to 328.3 billion yen ($3.1 billion). Operating income saw a drop of 1.3 percent to 50.6 billion yen ($480 million).
The company bounced back in the fourth quarter, with net sales and operating income increasing 1.7 percent and 64.5 percent, respectively.
“Although affected by Covid-19 in the first half of the fiscal year, demand for outboard motors and personal watercraft increased due to an upsurge in outdoor demand after lockdowns,” the company said in a statement.
“Overall unit sales of marine products decreased as a result of North American boatbuilders having temporarily suspended operations, dealers having temporarily shut down, and the Iwata main factory and U.S. factories having temporarily suspended operations, but unit sales of outboard motors to North America and Europe increased in the second half of the fiscal year,” the company continued. “Although the group has continued to expand sales of large outboard motors despite the effect of Covid-19, both sales and profits decreased in the entire business as a result of the difficulties on catching up on the first half of the year.”