Toyo Engineering reports mixed Q1 results, strong order inflow

Toyo Engineering reported Q1 consolidated net sales of ¥49.3 billion, down 21.5% year-on-year, with operating profit falling 31.7% to ¥0.6 billion. However, gross profit margin improved to 14.2%.

New orders surged to ¥260.5 billion, representing 65% of the annual forecast of ¥400.0 billion, largely due to two new FPSO projects in Brazil and Guyana.

The company maintained its full-year forecast targeting ¥200.0 billion in net sales and ¥5.0 billion in profit attributable to owners.