I am pleased to report our results for the first half of fiscal 2017, ending March 31, 2018.
During the first half of the consolidated fiscal year under review, the Japanese economy remained on a modest recovery path as corporate earnings and employment conditions continued to improve. In the machine tool industry, the domestic market, European and the U.S. markets and the Chinese market remained strong in general.
In this environment, for the first half of the consolidated fiscal year under review, TSUGAMI Corporation (the “Company”) and its affiliates (the “Group”) recorded net sales of 27,376 million yen (up 48.8% year on year), operating income of 3,347 million yen (up 130.5% year on year), ordinary income of 2,966 million yen (up 180.4% year on year) and net income attributable to owners of the parent of 2,296 million yen (up 214.6% year on year).
The Company had been working on the listing of Precision Tsugami (China) Corporation Limited, a holding company whose businesses are operated by the Company’s production subsidiary in China, and is pleased to announce that this company was listed on the Hong Kong Stock Exchange on September 25, 2017.
We respectfully ask for the continued support and encouragement of our shareholders.
Takao Nishijima Chairman and CEO