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.