Looking at sales by region;
In Japan, the automotive industry remained robust,
but for most other sectors, such as the information
technology (IT), communications, steel, and machining
tool industries, business was generally sluggish,
resulting in a 16% slide in domestic sales to 257.6
billion yen.
Looking overseas;
In the U.S., although automotive production
fell 10%, sales of automotive bearings and steering
columns remained firm as a result of new customer
orders. However, due to the fall in OEM (original
equipment manufacturer) bearings demand and the sharp
decrease of precision machinery sales to the semiconductor
production equipment industry, overall sales, calculated
in local currency, fell 13%. When translated into
yen, this equaled a 6% decrease to 76.5 billion yen.
Europe also felt the effect of the recession,
with a decrease in sales of precision machinery and
bearings to the general machinery sector. However,
due to the increase in sales of automotive bearings,
electric power assisted steering (EPS) systems and
steering columns, we were able to maintain a stable
sales volume, based in local currency. When calculated
into yen, this amounted to a 7% increase to 77 billion
yen.
Sales were robust in China. However, due to the
fall in demand from the electronic and IT related
industries in the ASEAN nations, sluggish exports,
and a drop in capital expenditure in South Korea,
Asian sales fell 11% in local currency, or 5% in yen,
to 69.8 billion yen.
As a result, overseas sales totaled 223.3 billion
yen, down 1.7% from the previous term. Please note
that this includes a profit of 14.8 billion yen resulting
from foreign currency translations. Excluding the
effect of foreign exchange fluctuations, the year-on-year
decline amounted to an 8% fall. The ratio of overseas
sales against domestic sales increased by 3.8% to
46.4%, mainly due to the decline in domestic sales,
and the inflation of overseas sales due to favorable
foreign exchange fluctuations.
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