We would like to express our sincere appreciation to all of you for continually providing us with such generous support.
We wish to offer our deepest condolences to those who have lost loved ones to the novel coronavirus infection (COVID-19) and wish for the earliest possible recovery for all those who are now fighting the infection. We sincerely hope for success in the containment and eradication of this virus at the earliest possible time.
The global economy during the current fiscal year significantly deteriorated as stay-at-home advisories and restrictions on economic activity were implemented in various regions to prevent the spread of COVID-19 in the first half. However, as economic activity has gradually recovered since the second quarter, economies in all regions are on course for a recovery.
Still, the outlook on the economy remains unclear due to immediate semiconductor shortages and concerns about the recurring spread of infections.
The automotive industry, in which the Ohashi Technica Group operates business, saw a major decline in production volume as major manufacturing clients suspended production or curtailed production in response to sluggish new vehicle sales in all regions during the first half. While production volume picked up in the second half mainly outside of Japan, it declined overall for the full term.
Against this backdrop, the Ohashi Technica Group made efforts to streamline management mainly by strengthening its business foundation and reducing expenses. Those efforts pulled our consolidated sales and operating profit back to year-ago levels in the second half, but because of the huge decline in net sales in the first half, revenue and profit dropped overall for the full term.
Amidst all of this, the company celebrated its 70th anniversary this April thanks to all concerned. I would like to express my heartfelt appreciation to all stakeholders, including our shareholders, for their tremendous support. As indicated by the title, we have defined our group mission statement afresh bearing in mind our gratitude to all those who have supported us and our determination to become a company that plays an indispensable role in manufacturing automobiles.
While the upcoming business environment remains unpredictable, the Ohashi Technica Group takes our 70th anniversary as an opportunity to renew its commitment to enhance our factory and fabless capabilities in the global market, and strives to reinforce our business foundation and improve our corporate value.
We look forward to your continued support.
President and CEO
Ohashi Technica, Inc.