Our office will be closed for the New Year's holidays from December 28 to January 5. We would like to take advantage of this nine-day vacation to refresh ourselves and take a vigorous start at the New Year.
Accompanied by a remarkable slowdown in the growth rate of the global economy, the Japanese economy this year experienced a continuous decline in exports. At the Sumitomo Electric Group, we could not accommodate all of your expectations, as indicated by our first half-year's results with both net sales and incomes falling from the same period of the previous year. Despite such a harsh situation, you have continued to provide generous support for us, and I would like to take this opportunity to express our sincere appreciation to all of you once again.
In 2020, we will place our utmost priority on improving our profit margin. In addition, we will strive to certainly increase our sales in our major products, such as wiring harnesses and rectangular magnet wires, as well as in our promising products such as GaN devices and tab leads. In this regard, we look forward to receiving your support once again next year.
I hope you will have a good New Year.