March 12, 2013,09:10 +0900(JST) Business Results for the Third Quarter of FY2012
On February 4, Sumitomo Electric announced its business results for the third quarter of FY2012.
For the cumulative third quarter, sales increased to 1563.3 billion yen, exceeding those for the same period last year, while operating income remained largely unchanged at 46.9 billion yen, and ordinary income and quarterly net income declined compared to the same period last year to 59.2 billion yen and 26.1 billion yen, respectively.
The first quarter of the current fiscal year started on a steady note thanks to the recovery of automotive production and other factors. During the second quarter, however, repercussions of the economic slump in Europe and slowing economic growth in the emerging markets began to be felt, and the third quarter suffered from ever-tougher global competition and the direct impact of the anti-Japanese protests in China.
The current year concludes VISION 2012, Sumitomo Electric’s mid-term business plan over five years. It is also the year our new business plan, currently being developed, will be launched. Although stagnation of the European economy looks set to continue for some time, the United States is showing signs of economic recovery, while Southeast Asian economies are enjoying robust health. In Japan the market mood is starting to lift a little due to the psychological effects of “Abenomics,” the new government’s economic policies to encourage private investment. Taking advantage of this moment and in order to prepare ourselves for our next leap forward, we will do our utmost during the remaining two months to secure the sales and profits that would enable us to attain the officially announced targets for the fiscal year. I look forward to your continued support.