Yonex Co., Ltd., the Japanese racquet sports and golf company reported earnings climbed 51.5 percent in the fiscal first quarter ended June 30 on a 28.3 percent revenue gain.
Sales reached ¥39,856 million ($270 million), unchanged from a year ago.
Operating profit increased 89.1 percent to ¥6,277 million, ordinary profit rose 59.4 percent to ¥5,954 million and profit attributable to the owners of the parent company grew 51.5 percent to ¥4,237 million.
Beyond the revenue gain, the profitability improvement reflected improved margins and cost efficiencies. Gross margins improved to 47.2 percent from 45.4 percent while selling, general and administrative expenses were reduced to 31.5 percent from 34.7 percent a year ago.
Yonex did not change its forecast for the year.
For the year, guidance calls for sales to increase 7.0 percent to ¥148,000 million; operating income to gain 4.4 percent to ¥14,800 million, ordinary profit to increase 4.5 percent to ¥14,600 million and profit attributable to owners of parent to inch up 2.0 percent to ¥10,800 million.
