Net sales for the fiscal year ended March 31, 2016 increased by 21.8% from the previous fiscal year to total 609,814 million yen. Operating income, on the other hand, declined by 14.4% from last year to hit 51,438 million yen. Net income totaling 36,386 million yen was also down 8.8% from last year. Net sales reached a record high mainly because the increased cost for the components we purchased to manufacture LED backlight products was simply added to the price tag. At the same time, production cutbacks by our smartphone customers put a dent in our LED backlight shipment volume as well as our profits. Other than LED backlights, most of major business units' sales and profits increased. Ball bearings had steady external shipment volume growth, motors saw top line growth in automobile applications as well as improved profitability, and sensing devices (which was formerly called measuring components) profited from an acquisition and growth of existing businesses. We estimate a year-on-year foreign exchange gain of 40.5 billion yen in net sales and 12.6 billion yen in operating income due to the weaker Japanese yen.
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