Namura Shipbuilding Q1 revenue falls 8% amid stronger yen

Namura Shipbuilding reported consolidated net sales of 36,487 million yen for the first quarter ended June 30, down 8.2% from the previous year. Operating profit fell 33.2% to 5,758 million yen, while net profit plummeted 52.9% to 4,562 million yen.

The company blamed the yen's appreciation against the US dollar, which was 10.11 yen higher than the previous year, plus increased material and personnel costs. The core shipbuilding business progressed as planned with new orders secured.