Q2 2021 IHI Corp Earnings Call Transcript
This is Maruyama, in charge of finance and accounting of IHI Group. I will explain the financial results of the second quarter of the fiscal 2020, followed by the full year forecast, 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 the orders received and 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 of the relevant items. Orders received were JPY 426.8 billion, down JPY 189.1 billion year-on-year. As shown at the top right, the average exchange rate for sales during the period under review was JPY 107.24 to the U.S. dollar. There was JPY 1.63 appreciation from JPY 108.87 of the previous corresponding period. Net sales stood at JPY 482.8 billion, down JPY 112.1 billion or 18.8% year-on-year, mainly due to the impact from the spread of COVID-19 and also as a result of effect of applying the
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