Jinpan results show decrease in sales

Jinpan, a manufacturer of cast-resin transformers for high-voltage distribution equipment, has reported that sales in its first quarter were $19.6m (£13.2m), a 39.5 per cent decrease from $32.4m in the same period last year. 

Domestic sales accounted for $17.3m, or 88.3 per cent, of net sales compared with $24.4m, or 75.3 per cent, of net sales in the same period last year, while net sales outside of China decreased 71.3 per cent to $2.3m, or 11.7 per cent, compared with $8m, or 24.7 per cent, in the same period last year.

Gross profit in the first quarter decreased 39 per cent year over year to $7.2m from $11.7m and gross profit margin increased 30 basis points year over year to 36.5 per cent, from 36.2 per cent.

Net income for the first quarter decreased 75.5 per cent to $1.1m, or $0.07 per diluted share, from $4.7m, or $0.29 per diluted share, in the same period last year.