Rinnai reports strong first quarter sales and profit growth

Rinnai Corporation reported consolidated net sales of 102.7bn yen for the first quarter, up 4.6% year-on-year. Operating profit rose 11.2% to 9.7bn yen, while profit attributable to owners increased 2.9% to 6.6bn yen.

The company maintains a strong balance sheet with total assets of 574.6bn yen and an equity ratio of 69.1%. Rinnai projects full-year net sales of 470bn yen and operating profit of 50bn yen.