Q1 2020 IHI Corp Earnings Call Transcript
This is Maruyama speaking. I manage the Finance Department of IHI. I will explain IHI Group's financial results for the first quarter of fiscal year 2019 based on the PowerPoint presentation materials disclosed at 3 p.m. today.
Page 2 shows the content of the presentation today.
Please turn to Page 4. This page shows the consolidated results, including orders received and income statement. Orders received were JPY 220 billion, down JPY 21.6 billion year-on-year.
As shown on the top right, the average exchange rate for sales in this quarter was JPY 110.44 to the U.S. dollar. The rate for the same period last year was JPY 108.22, so the yen weakened by JPY 2.22.
Net sales decreased by JPY 55.9 billion to JPY 281.1 billion. Net sales declined by a bigger degree than what is accounted for by the effect of yen depreciation.
Operating profit decreased by JPY 11.7 billion to JPY 0.9 billion due to the profitability deterioration issue in specific projects, in addition to the effect
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