This story, written by Anthony Hawkswell, orginally appeared on angling-international.com.
Globeride — the owner of Daiwa — saw its sales rise 13 percent during the nine months to Dec. 31 last year and profits increase 10 percent despite the outdoor sports and leisure markets remaining weak.
The Japanese group reported net sales of 105,858m yen and an operating profit of 12,718m yen despite an increase in import purchasing costs and soaring raw material prices.
In Japan, Globeride said that its leisure sector remained weak, partially due to financial pressure on households from rising energy and commodity prices and the increase in other leisure activities, including travel, following the relaxation of movement restrictions.
It added that in such circumstances, the group launched new products and provided services to customers which led to net sales of 67,399m yen — an increase of 5.4 percent year-on-year. Segment profit was down, however, partially due to the yen’s rapid depreciation that drove up the cost of imports.