TS Tech’s FY 2019/20 revenue falls 12.7% y/y to USD3.3 billion

Company refrains from giving financial outlook for FY 2020/21 amid unprecedented uncertainty owing to the COVID-19 pandemic

TS Tech has reported a 12.7% year-over-year (y/y) decline in revenue to JPY359.7 billion (USD3.3 billion) in the financial year ended 31 March 2020, the Japanese automotive seating supplier said in a press release. Operating income decreased 32.1% y/y to JPY26.3 billion, resulting in operating margin of 7.3% compared with 9.4% in the previous financial year. TS Tech concluded that the financial year reporting a 41.5% y/y drop in net income to JPY15.1 billion.