Net sales for Yamaha Motor Co. Ltd. for the first nine months of the fiscal year were 1,067.1 billion yen — a decrease of 200.1 billion yen or 15.8 percent compared with the same period of the previous fiscal year.
Operating income was 56.4 billion yen, a decrease of 43.6 billion yen or 43.6 percent, ordinary income was 59.7 billion yen, a decrease of 42.7 billion yen or 41.7 percent.
The company reported net sales of 381.6 billion yen, a 7.2 percent decrease, and a 20 percent drop in operating income to 37.3 billion yen, “showing our shift to a stage of recovery from the adverse effects of the Covid-19 pandemic seen in the first half of the fiscal year,” the company said in a statement.
The marine business unit saw net sales decline 10.9 percent to 247.4 billion yen, and operating income was 40.7 billion yen, a decrease of 11.1 billion yen or 21.5 percent.
Unit sales declined due to temporary closing of operations at boatbuilders and dealerships in North America due to Covid-19.
In addition, temporary closures at the Iwata Main Factory in Japan and factories in the U.S. led to supply not keeping pace with the rapid recovery in overall demand, resulting in lower sales and profits.
“Production bases in Japan and throughout the world, which had temporarily suspended operations due to the effects of Covid-19, have taken steps to resume production as many countries begin to relax regulations,” the company said in a statement.
There were no production bases that suspended operations during the third quarter; however, the impact of suspended operations greatly affected operating results and the financial position of the group for the first nine months of the fiscal year.
“If the effects of Covid-19 continue to expand and are further prolonged unexpectedly in the future, it may significantly affect future operating results and financial position of the group,” Yamaha said.
The company did however revise its forecast up, anticipating net sales to be 1,480 billion yen, an 8 percent increase over the 1,370 billion yen previously expect