Rymco’s Net Income Boosted by Higher Sales as of end June 2015
According to Rymco’s June balance sheet, the company’s total assets grew by 17% year-on-year to $160.49M while total shareholders’ equity edged up by 1% year-on-year to $50.15M.
Rymco’s net income increased from $1.53M at the end of June 2014 to $3.20M at the end of June 2015.
In fact, higher advertising and selling efforts seem to have translated into higher sales. The company’s sales, net of discounts, surged by 44% year-on-year to $112.91M as Rymco’s advertising and selling expenses were upped by 26% year-on-year to $941.07M.
Moreover, the depreciation of the Japanese yen rendered Rymco’s cars even more competitive on the market. The Japanese yen went from a spot rate of 101.30 against the dollar at the end of June 2014 to a spot rate of 122.49 at the end of June 2015.
General and administrative expenses were lowered by 3% year-on-year to $2.65M while salaries, wages and related charges advanced by 14% to $3.6M.
Rymco’s Financial Highlights as at June’s end
|
In USD |
6/30/2015 | 6/30/2014 | % chg. |
| Total Assets | 160,494,655 | 137,560,857 | 17% |
| Total Shareholders’ Equity | 50,154,486 | 49,880,488 | 1% |
| Sales (Net of Discounts) | 112,909,231 | 78,325,079 | 44% |
| General and Administrative Expenses | 2,650,858 | 2,734,814 | -3% |
| Salaries, wages and related charges | 3,597,157 | 3,149,800 | 14% |
| Advertising and selling expenses | 941,071 | 744,395 | 26% |
| Net Income | 3,201,859 | 1,533,703 |
109% |
Source: Rymco
