Johnson Electric reports record net income for its full year
May 23, 2018
Johnson Electric Holdings Limited, Hong Kong, has reported record net income for the twelve months ending March 31, 2018. Total group sales amounted to $3,237 million, an increase of 17% over the prior financial year, while net profit attributable to shareholders increased by 11% to a record $264 million.
The figures include sales contributions of $144 million from automotive PM parts maker Halla Stackpole Corporation. The Automotive Products Group (APG), Johnson Electric’s largest operating division, achieved sales of $2,494 million including Halla Stackpole Corporation and AML Systems (acquired 2016). Excluding acquisitions and currency effects, APG’s sales increased by 8%.
Commenting on the outlook for the business, Dr Patrick Wang, Chairman and Chief Executive, stated, “Heading into the new 2018/19 financial year, the business is performing well in the context of a global economy that is expanding – but at growth rates still below pre-crisis averages.”
“Very robust demand for our motion products and solutions continues and, barring rising protectionist sentiment boiling over into a major trade war, we anticipate organic sales growth for the current financial year to be similar to the level achieved in 2017/18.”
“In summary, I am excited by the growth trajectory of the business and optimistic that the investments we are making will position Johnson Electric for enduring success,” he concluded.