Now let's look at the MLS segment.
Net sales decreased 8.7% quarter on quarter to total 87.8 billion yen.
Looking at the results by product, we see that sales of motors decreased 9.5% quarter on quarter to reach 66.4 billion yen. This is mainly due to declining demand for HDD & OA motors.
Sales of electronic devices were up 4.7% from the previous quarter to total 12.6 billion yen.
Sales of sensing device, totaling 8.1 billion yen, were down 13.0% from the previous quarter.
Operating income came to 1.8 billion yen, and the operating margin was 2.1%. On a quarter on quarter basis, the operating margin increased 6.9 percentage points.
Compared to the results for the fourth quarter of the fiscal year ended March 31, 2023, excluding special factors such as foreign exchange forward contracts and other restructuring costs, operating income for the first quarter of the fiscal year ending March 31, 2024 decreased 23.2% quarter on quarter, and the operating margin dropped 0.3 percentage points.
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