Consolidated net sales for the second quarter of the fiscal year ending March 31, 2019 totaled 236,330 million yen, down 0.6% year on year but up 10.9% quarter on quarter.
Operating income dropped 20.6% year on year but increased 37.3% quarter on quarter to total 19,624 million yen.
Profit for the period attributable to owners of the parent was down 15.6% year on year and up 46.7% quarter on quarter to total 15,970 million yen.
Both net sales and operating income were as expected with solid sales of ball bearings, motors and other products despite timing issues and one-time costs in some businesses.
Currency fluctuations brought net sales up an estimated 3.0 billion yen quarter on quarter and down 0.1 billion yen year on year. It also brought operating income up 2.1 billion yen quarter on quarter and 0.0 billion yen year on year.
Also, we adopted International Financial Reporting Standards (hereinafter referred to as "IFRS") instead of Japanese Standard (hereinafter referred to as "JGAAP " from the current fiscal year (fiscal year ending March 31, 2019).
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