We would like to take this opportunity to thank all of you, for your continued cooperation and support.
In the fiscal year ended March 31, 2017, delays occurred in orders received in Japan for automobile-related products under the adverse effects of events including an earthquake in Kumamoto, and we struggled hard to recover. However, Group companies in China and Southeast Asia performed strongly, allowing the Punch Group to achieve consolidated results almost equal to the targets set at the beginning of the year.
We are planning to put a manufacturing plant in Vietnam into full operation in October 2017 as scheduled, and this will be the key to promoting earning structure reforms across the entire Group. The plant is taking a little longer to launch production in the planned volumes, but it has been making steady progress.
We advanced a range of initiatives steadily and gained an overall sense of positive results in the first fiscal year under our “Value Creation 2020” mid-term business plan. However, we recognize that our activities in the first year resulted in two specific issues remained: the establishment of mass production systems for high value-added products in new fields and the development of a production system at our plant in Vietnam.
In the fiscal year ending March 31, 2018, the second year under the mid-term business plan, we aim to achieve our targets, addressing these issues sufficiently and maintaining strong performance in China and Southeast Asia.
We hope we can continue to rely on your support in the future.
Masaaki Takeda, President