VT Holdings Co., Ltd. (7593, First Section, Tokyo Stock Exchange) Issues Operating Performance for the Six Months Ended Sept. 30, 2017

2017-11-21 22:30 568

TOKYO, Nov. 21, 2017 /PRNewswire/ -- VT Holdings (TOKYO: 7593) is pleased to announce its results for the six months ended September 30, 2017.

Summary of Results

During the first six months of the year, new car sales in Japan were favorable, rising 11.8% year on year. However, in VT Holdings' core automotive business, combined sales of new and used cars totaled 47,226 units, up 10,473 units, or 28.5%, year on year.

During the six months ended September 30, 2017, VT Holdings recorded consolidated net sales of JPY97,991 million (up 33.4% YoY), operating income of JPY3,187 million (up 4.8% YoY), ordinary income of JPY3,382 million (up 11.0% YoY) and profit attributable to owners of parent of JPY1,771 million (up 4.8% YoY).

In the automotive business, the Company's sales amounted to JPY92,888 million (up 30.7% YoY), with operating income of JPY2,892 million (down 9.8% YoY).

Within the automotive business, overall sales of new cars for the Group as a whole, including overseas sales, amounted to 19,117 units (up 42.7% YoY). This sharp year-on-year rise in unit sales compared with the previous year led to increases in segment sales and income and bolstered profitability. In the used car segment, overall sales for the Group as a whole were 28,109 units (up 20.3% YoY). Although up substantially on a unit basis year on year, sales rose but income was down slightly, reflecting sluggish export and domestic market prices.

Within the automotive business, the service segment generated sales and profit increases, but in the rent-a-car segment income was down slightly despite higher sales, due in part to depreciation and amortization on vehicles in line with model changes.

In the housing-related business, sales came to JPY5,007 million (up 115.3% YoY), and operating income was JPY508 million (up 437.5% YoY).

In the housing-related business, the Company is developing the condominium business in Aichi and Gifu prefectures. In the detached homes segment, the Company also is expanding its locations in Tokyo, Osaka and Nagoya. Performance was extremely favorable in the condominium business due to orders for and deliveries of completed condominiums. Performance was also generally robust in the detached homes segment.

Total assets as of September 30, 2017, were JPY129,655 million, up JPY8,161 million from JPY121,493 million on March 31, 2017.

VT Holdings Co., Ltd. (7593, First Section, TSE) "Summary of Consolidated Financial Results for the Six Months Ended September 30, 2017" is available here:

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Source: VT Holdings Co., Ltd.
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