Taiyo Nippon Sanso Corporation (TNSC) has released its fiscal 2016 financial results after all companies and associated subsidiaries under the TNSC umbrella changed their fiscal year end from 31st December to 31st March, resulting in a 15-month transitional accounting period.
As a result, the Tier One player’s total consolidated net sales in fiscal year 2016 showed double-digit growth and rose by 14.7% to YEN 641.5bn ($6.17bn). Cost of sales also demonstrated strong growth increasing by 11% to YEN 416.1bn ($4bn) and, as a result, operating income advanced 22.8% to YEN 43.4bn ($417m).
Total assets as of 31st March 2016 amounted to YEN 783.2bn ($7.5bn), a slight increase of 0.1% compared to the previous fiscal year, with TNSC affirming, “The appreciation of the yen, which was YEN 7.87 ($0.07) higher against the US dollar on 31st March 2016, than on the same day a year earlier, had a negative impact of approximately YEN 24.3bn ($233.6m).”
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