“In the first half of fiscal 2024, we were able to set new records for revenue and incomes for the second year running,” states Yoshihiro Hidaka, President, Chief Executive Officer and Representative Director Yamaha Motor. “In our core business of motorcycles, increased sales of premium models in emerging markets and other factors led to us posting higher revenues and profits.”
Yamaha Motor consolidated business results for the first half of FY2024:
Revenue – 1,348.4 billion yen (an increase of 122.0 billion yen or 10.0%)
Operating income – 154.4 billion yen (an increase of 12.9 billion yen or 9.1%)
Interim net income attributable to owners of parent – 113.1 billion yen (an increase of 9.8 billion yen or 9.5%)
“In terms of the external business environment, high prices and interest rates are affecting demand levels, and as anticipations of interest rate cuts rise in the United States, sharp fluctuations in foreign exchange rates and other developments have made things uncertain,” explains Hidaka. “Also, while things vary by business segment, we expect the fierce competitive environment to continue due to product supply improvements by us as well as our competitors, declining levels of demand, and other effects.” Ocean freight rates are trending upward while raw material costs are generally in line with forecasts, excluding the effects of foreign exchange rates.
“As for our businesses, we expect the motorcycle business to continue performing well, but for recreational vehicles and Smart Power Vehicles, inventory adjustments to lead to prolonged production cutbacks. In the Marine Products business, the new large outboard motor models we launched this season continue to receive ample customer inquiries, but we still expect demand to decline, mainly in Europe and the United States,“ he adds. “We will continue to work toward inventory optimization, including making production adjustments that take demand levels and sales conditions into account.”
