We have revised the forecasted figures we announced at the end of the first half upward since we project both sales and income for the fiscal year ending March 2011 to increase over last fiscal year.
Net sales are projected to increase 171.3 billion yen, or 12.0%, to total 1.6 trillion yen. Soaring overseas sales will account for about 70% of the total and are projected to exceed 1 trillion yen for the first time ever.
Operating income is estimated to increase 3.1 fold, or 57.7 billion yen, year on year to total 85.0 billion yen. This projection is based on the premise that the yen will remain strong and R&D and SG&A expenses will increase though overseas sales volumes will grow and other costs will be reduced
This uptick will take us to an operating income of 80.0 billion yen and an operating margin of 5%, the goals set forth in our ongoing medium-term management plan that we are promoting through to the end of this fiscal year.
Ordinary income is forecasted to rise 3.8 fold, or 61.6 billion yen, year on year to total 84.0 billion yen.
Net income is expected to total 63.0 billion yen with projected earnings before income taxes and minority interests totaling 75.0 billion yen and projected taxes for our subsidiaries amounting to approximately 12.0 billion yen. Net income will increase 79.5 billion yen over the previous fiscal year, bringing us back to profitability for the first time in two years.