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A number of Japanese companies have reported a huge loss of more than 500 million yuan, with CEO shinya seto stepping down today (nov 1). TOTO's net profit fell 12 per cent, with sales in China the worst in recent years. In addition, the net profits of companies such as Asahi weitao and takara-standard also declined collectively
On oct 31, saymetro reported the first half of fiscal year 2018 (April to September). During the reporting period, saymetro reported sales of 888.196 million yen (about 546.65 billion yuan), a decrease of 0.2% year on year. Business profit was 13.79 billion yen, down 66.1%. Operating profit fell 2.5 percent to 14.708 billion yen. Affected by the rejection of the sale of the subsidiary, net profit for the current period was 8.629 billion yen (about 531 million yuan), down sharply from the 12.843 billion yen profit in the same period last year.
For the past six months, saymetro has been unable to sell more than one department. The water science and technology division, which handles kitchen and hygiene, saw sales of y402.4bn, up 1.4 per cent year on year, but business profits plunged 27.2 per cent to y25.6bn from y35.1bn in the same period last year. At the same time, the business profits of the department of housing science and technology decreased by 72.9 percent, while the business profit of the department of construction science and technology was even more at a loss.
The department of water science and technology is the main driving force for the group to increase revenue. 72.2 billion yen, up 4%; Japan and the "Europe East Africa" region are slightly or not increasing or decreasing. In terms of subsidiaries, American standard and gaoyi have achieved sales of us $628 million and us $716 million respectively in the past six months, while American standard's business profit was us $27 million, down 22%, while gaoyi's business profit was 7.5 million euros, up 2%.
The loss was related to the sale of Permasteelisa S.P.A, a subsidiary, to guangtian group, which was rejected by the committee on foreign investment in the United States (CFIUS). On October 22, saymetro group issued a revised earnings forecast announcement, the share price fell significantly.
On the same day as the results were disclosed, lizhu group also issued a high-level personnel transfer notice. Setouya resigned as CEO of the group and CEO of LIXIL company from November 1, 2018, and remained as director only from April 1, 2019. From November 1, 2018, the CEO of the group will be concurrently held by the chairman of the board, ichiro chaotian, while LIXIL's CEO will be replaced by the group's external director, higashi yamaguchi. Some executives at LIXIL and LIXIL will take a pay cut of up to 20% in order to withstand weak performance, according to the report
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