Q1 2021 IHI Corp Earnings Call Transcript
This is Maruyama, in charge of finance and accounting of IHI Group. I will explain IHI Group's financial results for the first quarter of the fiscal year 2020 based on the PowerPoint presentation materials disclosed at 3:00 p.m. today.
Please turn to Page 4. This slide shows the consolidated results, including orders received in the income statement. The accounting standard for revenue recognition is applied from this fiscal year, and the effect of applying the standard is indicated at the top left corner for relevant items. Orders received were JPY 167.4 billion, down JPY 52.5 billion year-on-year. As shown at the top right, the average exchange rate for sales in the quarter was JPY 107.05 to the U.S. dollar. There was JPY 3.39 appreciation from JPY 110.44 of the previous corresponding period.
Net sales decreased by JPY 62.6 billion to JPY 218.5 billion. Net sales declined by 22.3% year-on-year, mainly due to the impact from the spread of COVID-19 and also as a result of the effect of applying the
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