The Fuji Electric company released its annual financial results for the fiscal year ended March 31, 2020, with a one-month delay, in response to issues arising from the COVID-19 pandemic.
The report describes in detail the activities of the different sectors of the company as well as the revenue earned in each of the continents, Japan, and China.
In 2019, Fuji Electric had a turnover of 900.6 billion Japanese yen (8.34 billion US $ ), down 1.6% from a year earlier. Although the converted dollars are slightly higher than last year, this increase is due to the difference between the yen and the dollar exchange rate last year and this year. In the continents of Asia (excluding China) and Europe is an upward trend in revenue noticeable, but has declined in China, America, and Japan. Negative growth in China is due to the economic war between the United States and China, as well as China’s involvement in the COVID-19 virus in the last quarter of the financial quarter (December to the end of March).
The highest growth can be seen in the Power Generation business (large-scale thermal power generation system projects) about 3%. More than 75% of the total turnover of Fuji Electric was earned in the domestic market of Japan.
Unlike previous years, Fuji Electric has refused to forecast for consolidated business results in the fiscal year ending March 31, 2021, due to the outbreak of COVID-19 and the uncertainty about the state of its customers and the market in the world.