Sales and income dropped for Shimano in the first half of 2009 compared with the first six months of 2008.
According to its consolidated financial results, the cycling and fishing equipment manufacturer saw net sales fall to 90,057 million yen in the first six months of 2009, from 115,497 million yen in the first half of the previous year.
Operating income fell to less than half of the previous years total. In the first six months of 2009 operating income hit 8,619 million yen – compared with 19,512 million in the first half of 2008.
Net income fell too – from 12,509 million yen in 2008, to 6,565 in the first half of 2009.
However, Shimano’s assets rose with net assets reaching 173,289 million yen in the first six months of 2009, from 165,768 in 2008. The firm said that the rise was due primarily to an increase of 3,631 million yen in retained earnings.