Metalworking fluids and industrial lubricant producer Yushiro Chemical Industry reported a massive increase in operating income – back to near pre-pandemic levels – and higher sales for the quarter ending June 30, compared to the same period in 2020.
Yushiro said operating income for the quarter – its first fiscal quarter for the fiscal year ending in March 2022 – jumped 473% to ¥527 million (U.S. $4.8 million), improving from ¥92 million and falling just 10% shy of the ¥585 million mark in the same quarter in 2019.
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Sales for the company increased 20% to ¥8.9 billion for the quarter, improving from ¥7.4 billion and just 4% below ¥9.3 billion in the same period in 2019.
Yushiro summarized sales and profits for the regions in which it does business. The profit for each regional business segment is based on operating income.
Yushiro’s sales in Japan rose 33% year-on-year to ¥4 billion, and segment profit improved to ¥62 million, rebounding from a ¥157 million loss. The company noted that although sales in Japan increased significantly due to the recovery in automobile production, the increase in operating income was modest because of the upward trend in raw material prices.
In the Americas, year-on-year sales were unchanged at ¥2.7 billion, while year-on-year profits rose 36% to ¥285 million.
In China, sales and operating income increased significantly because of the sharp recovery in automobile production. Sales for the quarter in China grew 42% to ¥1.1 billion, and profits jumped 1,312% to ¥113 million.
In Southeast Asia and India, sales grew 16% to ¥1.1 billion, and profits jumped 35% to ¥173 million.