Yamaha announced consolidated business results for Q1 of its new fiscal year (period ending March 31, 2020) with net sales of 395.9bn yen (a decrease of 33.5bn yen or -7.8% compared with the same period of the previous fiscal year), and operating income of 25.4bn yen (a decrease of 10.5bn yen or -29.2%).
"Net sales have been greatly affected by the COVID-19 (novel coronavirus) pandemic since March, and therefore income has decreased due to the lower number of units sold in the Land Mobility Business and Marine Products Business.
"Operating income declined due to the impact of foreign exchange rates, a decrease in the number of outboard motor units sold in the Marine Products Business, and the impact of Yamaha Motor Robotics Holdings Co., Ltd. (YMRH), which became a subsidiary at the end of the second quarter of the previous fiscal year."
In its motorcycles ("Land Mobility" division) net sales were 260.3bn yen (a decrease of 19.1bn yen or -6.8% compared with the same period of the previous fiscal year), and operating income was 8.6bn yen (a decrease of 0.7bn yen or -7.4%).
Unit sales of motorcycles in developed markets decreased due to the impact of the COVID-19 pandemic from March, resulting in a decline in sales. However, the deficit was narrowed due to an increase in unit production at headquarters and in Europe, along with improvements in the model mix for Europe.
In emerging markets, sales and income from motorcycles have declined due to factors such as the deterioration of the model mix in Vietnam, decreased demand due to the introduction of new emission regulations in India, and the impact of the COVID-19 pandemic. The Philippines have also seen declines due to the effects of its volcanic eruption and the COVID-19 pandemic. As a result, there was an overall decrease in sales and income in the Land Mobility Business.
Yamaha says that the impacts of the coronavirus pandemic had already led it to withdraw its forecasts of February 12 and make a new announcement when circumstances permit.
