Nitta Corp. (5186.T), a Japanese Industrial Machinery Provider, on Wednesday reported a drop in profit in the first quarter, mainly attributed to higher labor costs and freight rates, with nearly flat net sales.
However, the outlook for fiscal 2025 remains unchanged.
The quarterly attributable net income amounted to 2.74 billion yen, 9% less than 3.02 billion yen a year ago.
However, the gross profit improved 6.5% to 6.05 billion yen from 5.68 billion yen in the prior year.
The net sales amounted to 21.625 billion yen, which is 9 million yen less than 21.634 billion yen a year ago, despite positive sales of logistics belts and automobile tubes in North America.
Looking ahead for the current fiscal year, the company continues to expect net income attributable of 11.50 billion yen, 5.2% lower than last year, and sales to be 92 billion yen, 1.9% higher year-over-year.
On the Tokyo stock exchange, the stock closed Thursday's trading 0.12% higher at 4,055 yen.
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