Consolidated business results for the first nine months of the fiscal year ending March 31, 2012, included a 7.8% year on year drop in net sales with the total figure for net sales coming to 189,164 million yen. Operating income dipped 61.6% year on year to finish at 6,903 million yen. The lower sales and profits were due mainly to the March 11 earthquake, higher rare-earth material prices, the stronger yen and flooding in Thailand, despite our efforts to enter new markets and cut costs.
Net income came to a negative 285 million yen due to 3,173 million yen in extraordinary losses in the third quarter. More specifically, last October, two of our five factories in Thailand, the Rojana and Navanakorn Plants, were flooded so we were unable to manufacture some of our HDD spindle motor parts. We also temporarily shut down or slowed down operations at other Thai factories because the floods made it impossible for our employees to commute to work. A 2 billion yen loss is recorded as Loss on Disaster which is an amount of fixed costs when those factories were affected.
Business restructuring and other losses from our keyboard business came to 1.1 billion yen, which we will explain in more detail later on.
We estimate year-on-year forex losses for net sales to total 11.2 billion yen and 0.5 billion yen for operating income due to the yen's rise against other currencies based on certain assumptions.
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