Kyoto, Sept. 30 (Jiji Press)–Scandal-hit Japanese motor maker Nidec Corp. said Wednesday that it suffered a consolidated net loss of 564.6 billion yen in fiscal 2025, against a revised net profit of 84.6 billion yen for the preceding year. The red ink came as the Nidec group logged an impairment loss totaling over 632 billion yen. Audit company PwC Japan Group issued a disclaimer of opinion on Nidec’s consolidated financial statement and internal control report, saying that it was unable to obtain sufficient and appropriate materials for auditing. Kyoto-based Nidec had postponed the release of its financial results for fiscal 2025, which ended in March this year, due to the impact of its massive accounting fraud. Fiscal 2025 consolidated sales at Nidec increased 3.9 pct from the previous year to 2,708.7 billion yen, while operating loss stood at 518.9 billion yen, compared with a revised fiscal 2024 profit of 128.2 billion yen. The impairment losses included those traced to deteriorating profitability from appliances, commercial and industrial products business in China. Nidec said that the company evaluated “the future recoverability of certain assets including goodwill.” Nidec also booked 30.5 billion yen in costs for investigations into a series of scandals at the firm as a special loss. The company said that it expects to return to the black in fiscal 2026 with an estimated group net profit of 100 billion yen. The accounting fraud came to light in September 2025, leading the Tokyo Stock Exchange to designate the company’s stock as an issue requiring special alert in October the same year. Nidec founder Shigenobu Nagamori resigned as a representative director in December the same year to take the blame. On top of the accounting scandal, product quality fraud was revealed at the company in May this year. Mitsuya Kishida, who had led the company’s efforts to rebuild itself, resigned as its president on Tuesday, replaced by Michio Kaida. The new Nidec president is scheduled to hold a press conference Thursday. END [Copyright The Jiji Press, Ltd.]
