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On Friday, Japanese electric motor manufacturer Nidec Corp announced that it has revised its operating profit for two years by approximately $67 million after discovering that some sales were “recorded in an inflated manner” at a subsidiary.
Nidec stated that it had amended its financial results for the fiscal years ended in March 2023 and March 2024 after identifying errors in its consolidation adjustment at subsidiary Nidec Drive Technology.
The revised operating profit was 10.1 billion yen ($64.33 million) lower than initially reported for the fiscal year ending in March 2023 and 307 million yen lower than initially stated for the fiscal year that ended in March 2024.
After discussions with its auditor, PricewaterhouseCoopers Japan, the company decided to amend its results.
Nidec expressed its regret and apologized for the inconvenience the errors caused to shareholders, investors, business partners, and all statements; the company said, “We sincerely apologize for the considerable inconvenience caused to our shareholders, investors, business partners, and all the stakeholders.”
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