JAPAN: Daikin is expected to report a record net profit for the year ended March 31, on the back of strong sales in North America and Europe.

According to the Nikkei, the Japanese air conditioning and heat pump manufacturer is expected to report profits up about 40% on the previous year to around JPY215bn (US$1.65bn).

Sales are expected to be up 25% to about JPY3.1 trillion ($23.7bn).

This will be a marked contrast to last year which saw a 2.2% drop in sales and 8.5% fall in profits – its first such declines in 11 years.

The increases were driven by sales of domestic air conditioners in the US and heat pumps in its European markets.