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VT Holdings Co., Ltd. (7593, First Section, Tokyo Stock Exchange) Issues Operating Performance for the Nine Months Ended December 31, 2018

2019-02-19 22:30 7401

TOKYO, Feb. 19, 2019 /PRNewswire/ -- VT Holdings (TOKYO: 7593) is pleased to announce its results for the first nine months of the year ending March 31, 2019.

Summary of Results

In the core automotive business, domestic results were relatively strong during the nine months ended December 31, 2018. These robust results were due in part to the impact of new Honda models. Also, sales of Nissan vehicles equipped with e-POWER were favorable. Overseas, the Company newly acquired three subsidiaries in Spain and South Africa as operating companies from the previous fiscal year to the period under review and was able to add their sales to consolidated business results. The Group's total of new and second-hand cars sold in the period under review was 73,529, up 6,131 (9.1%) year on year. On the other hand, in the housing-related business, orders for condominium construction projects were favorable from the second quarter, but the number of units was down during the nine months under review because no properties were completed during the first quarter.

During the nine months ended December 31, 2018, VT Holdings recorded consolidated net sales of JPY156,422 million (up 10.2% YoY), operating income of JPY3,504 million (down 16.5%), ordinary income of JPY3,634 million (down 18.6%) and profit attributable to owners of parent of JPY1,842 million (down 19.7%).

In the automotive business, sales were JPY151,586 million (up 11.9% YoY), and operating income was JPY3,430 million (down 12.6%).

In the new car segment of the automotive business, the number of new cars sold groupwide domestically and internationally was 31,938 (up 16.5% YoY). Profitability declined, however, as the Company prioritized efforts to bolster unit sales by increasing the number of customers under management, bringing down new-vehicle sales. In the used car segment, the Company exported 5,476 units overseas (up 16.7% YoY). The number of second-hand cars sold for the entire Group was 41,591 (up 4.0% YoY), with used car sales rising year on year. Sales also increased in the service and rent-a-car segments.

Sales in the housing-related business were JPY4,691 million (down 25.6%) YoY), while operating income was JPY310 million (down 44.4%).

In the housing-related business, the Company sold seven newly built condominium buildings containing 233 units, bringing its total number of concluded condominium agreements, including those on condominiums completed an inventory, to 172 (126 during the previous accounting period). Orders were strong as the Company conducted thorough marketing and focused on selecting good locations and selling at appropriate prices. However, few properties were completed during the nine months ended December 31, 2018, which limited the total of delivered units to 88 (126 during the previous accounting period). Performance was somewhat mixed regionally but favorable Company-wide. In the same sector, the Company is working to expand orders for commercial facilities, including auto dealers.  

VT Holdings Co., Ltd. (7593, First Section, TSE) "Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2018" is available here:

http://www.vt-holdings.co.jp/eng/index.html

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Source: VT Holdings Co., Ltd.
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