JAPAN: Daikin reported net sales of 3,981,578 million yen ($29,487 million) for the year to March 31, up 28.1% from last year.

Operating income was 377,032 million yen ($2,791 million), up 19.2% year-over-year, while net income rose 18.4% to 257,754 million yen (£1,908 million).

Sales of the air conditioners and chillers division, which accounts for just over 90% of the company’s business, grew 28.3%.

Despite the rise, global markets have been affected by a number of factors, including ongoing lockdowns in China affecting supplies, the war in Ukraine and rising energy prices. This is especially true in Europe, although sales in the region as a whole were well above last year’s figures, mainly due to increased sales of heat pumps.

Elsewhere, home air conditioner sales in the Americas were described as “sluggish”, while sales declined in most of Asia/Oceania in the second half of the year. This is not counting India, which maintained strong sales thanks to economic growth.

In the Middle East and Africa, sales were up significantly year-over-year thanks to higher sales in the UAE, Saudi Arabia and Egypt. Local production has helped expand sales of commercial air conditioners in Turkey, although there has been a temporary slowdown in economic activity since the earthquake.