Honma Golf Grows Profits as Sales Slide
The high-end Japanese club maker saw net income increase 48% to ¥4,828.1 million ($32.6 mm) from ¥3,255.6 million in the fiscal year ended Mar. 31, despite 11% lower sales of ¥26,222.9 million ($176.8 mm) against ¥29,495.0 million. A fivefold jump in other income that came largely from foreign exchange revaluation benefits added ¥2,674.0 million for the year. Gross margin expanded by 40 basis points to 51.2%, while operating expenses were reduced by ... Log in to view full article.
