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Net sales for the fiscal year ended March 2011 increased by 151.9 billion yen to total 1,580.6 billion yen. Major factors behind the increase included a gain of 218.6 billion yen due to the improvement of sales volume and mix in mainly overseas markets, which offset a loss of 1.8 billion yen from declining sales at three internal companies, etc.. and a loss on currency exchanges totaling 64.9 billion yen due to the appreciation of the yen against the US dollar and euro.
Operating income rose 56.8 billion yen year on year to total 84.1 billion yen. This increase was mainly due to an improved sales volume and mix as well as reduction in materials costs and SG&A expenses, etc.. The gains offset currency losses from the appreciation of the yen and increased R&D expenses, which we'll look at in further detail later on.
Ordinary income also rose 59.9 billion yen year on year to bring it to a total of 82.2 billion yen. Further details about this will also be provided later on.
Extraordinary losses included a loss on disaster associated with the recent earthquake, a loss from adjustment of provision for product warranties in prior years, as well as the cost of retirement and dismantlement, etc. of facilities related to the termination of minicar production. Consequently, income before income taxes and minority interests totaled 63.2 billion yen, up 63.7 billion yen year on year.
Net income totaled 50.3 billion yen, a year-on-year increase of 66.8 billion yen, as the taxes paid by our US and domestic subsidiaries.