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Looking at our consolidated results, we see net sales increasing by 341.3 billion yen year on year to total 1,370.7 billion yen. This is an all-time high for cumulative third quarter sales. The uptick comes from a gain of 329.8 billion yen resulting from a better sales mix variance due to increases in new car sales volumes in overseas markets, a gain of 9.9 billion yen from increased sales at three internal companies, as well as a 1.6 billion yen foreign exchange gain.
Operating income rose by 45.5 billion yen year on year to reach 73.4 billion yen.
Higher SG&A expenses were offset by a better sales mix variance as well as a further reduction in material costs, etc.
Ordinary income increased 34.7 billion yen to 63.4 billion yen due to higher operating income despite a loss on valuation of derivatives due to the correction for the ongoing appreciation of the yen.
As a result of this jump in ordinary income, income before income taxes and minority interests amounted to 61.7 billion yen. That's an increase of 14.7 billion yen over last fiscal year when a 26.1 billion yen extraordinary gain on the sale of the Subaru Building was posted.
Net income rose 16.4 billion yen to reach 53.1 billion yen.