During the consolidated fiscal term under review (April 1, 2018 to March 31, 2019), overall global economic prospects remained uncertain as the slowdown of the Chinese economy had impacted the global market since the beginning of autumn on the back of the US-China trade war. In the electronics industry where the Tamura Group operates, the smartphone market began declining sharply in the latter half of the term while the demand for industrial machinery had continued to be sluggish as well.
Under these circumstances, in order to achieve substantial growth that gives top priority to boosting profitability as spelled out in its eleventh medium-term management plan Biltrite Tamura GROWING, which ends this fiscal year, the Group worked on such initiatives as making all-out efforts to manage individual costs by leveraging information technology (IT) systems, shoring up and streamlining its global production, sales, and development system further, and improving investment and development efficiency by identifying the potential of products and markets. During the second quarter of the term under review, however, the Group extraordinarily posted repair cost for power supply equipment failure.
As a result, during the current consolidated fiscal term, whereas the Group’s net sales were 87.008 billion yen (up 1.7% compared to the previous year), operating income was 4.6 billion yen (down 14.9%) and ordinary income was 4.848 billion yen (down 11.5%). Meanwhile, because we posted an extraordinary gain as a result of an out-of-court settlement in a suit claiming for damages in the third quarter, net income for the current term, which belongs to the shareholders of the parent company, rose 76.2% from the previous year to 6.397 billion yen, hitting the highest ever and far exceeding the March 2017 level."