For the first half of the fiscal year ending March 2017, net sales decreased mainly due to negative yen-translation impacts. Operating income also decreased mainly due to prolonged LED backlight inventory adjustments in 1Q in addition to temporary expense increases related to MITSUMI business integration.
Compared to our initial plan, however, net sales and operating income was achieved. This is mainly due to the fact that a slowing in the HDD market shrinkage positively impacted pivot assemblies and HDD spindle motors, shipments of motors, especially for automobiles, remained firm and foreign exchange rates were largely in line with our initial assumptions.
We estimate that foreign currency translations have pushed net sales down by 32.8 billion yen, while simultaneously pushing operating income down by 0.2 billion yen.
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