Net sales for the fiscal year ended March 31, 2008 increased by 77.5 billion yen year on year, for a 5.2% increase to 1,572.3 billion yen. The increase is attributed to 16.5 billion yen of exchange gains due to the depreciated yen, and to 64.6 billion yen increased earnings due to the improved sales volume & mixture.
Sales in North America, Europe, and other overseas regions performed well. Hence, overseas sales exceeded one trillion yen, comprising more than 65% of total sales.
Results of operating income will be detailed later. In brief, it decreased by 2.2 billion yen to 45.7 billion yen due to deteriorated sales volume & mixture, increased SG&A expenses, and R&D expenses, although they were offset by compensated exchange gains on the depreciated yen and our efforts for material cost reduction.
Meanwhile, ordinary income increased by 3.2 billion yen year on year to 45.4 billion yen due to a decrease in currency exchange loss.
Net income decreased by 13.4 billion yen to 18.5 billion yen due to a decease in extraordinary gains, such as gain on sale of property, plant & equipment in fiscal year ended March 2007, and due to impairment loss of property, plant & equipment recognized.