Denso cuts global production by 50% on virus, FY profit hits 11-year low [Reuters]
DENSO CORP UNSP/ADR (DNZOY)
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Source: Reuters
Denso cuts global production by 50% on virus, FY profit hits 11-year low TOKYO, April 30 (Reuters) - Japanese auto components supplier Denso Corp said on Thursday it had slashed its global production by around 50% due to the coronavirus, and added that its supply chain could be affected in the coming months. Earlier in the day, Denso, the world’s No. 4 auto components maker and a key supplier to Toyota Motor Corp, posted an 81% drop in operating profit in the year ended March to 61 billion yen ($571.8 million), its lowest since 2009. Denso CEO Koji Arima said that he expected that it would take considerable time for global economies to recover from the virus, and that the global auto industry was fighting for its survival. ($1 = 106.6900 yen) (Reporting by Naomi Tajitsu; Editing by Muralikumar Anantharaman)
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