During the fiscal year ended March 31, 2023, the Japanese economy was affected by momentum toward normalizing social and economic activity amid a scenario of the authorities easing restrictions that had been imposed on movement due to the COVID-19 pandemic. However, the economic outlook has remained uncertain due to factors that included rising prices caused in part by soaring energy and raw material prices against a backdrop of developments such as the prolonged conflict between Russia and Ukraine, and also due to downside risk in overseas economies attributable to monetary tightening and other such developments worldwide.
Under such circumstances, Taiheiyo Kouhatsu Group (the "Group") sought to fortify its earnings infrastructure and secure profit by actively engaging in sales activities in its respective business domains.
As a result, the consolidated business performance for the fiscal year ended March 31, 2023, was as follows. Net sales increased 55.3% year on year to 51,016 million yen largely due to rising sales prices of imported coal.
Meanwhile on the profit front, ordinary profit increased 239.1% to 1,325 million yen and profit attributable to owners of parent increased 89.1% to 694 million yen largely due to an increase in sales volume of imported coal.
In regard to the outlook for the Japanese economy going forward, the prospect of moderate recovery seems likely with progress being made in normalizing social and economic activity amid a scenario of the authorities easing restrictions that had been imposed on movement due to the COVID-19 pandemic. However, the economic outlook remains uncertain due to factors that include soaring energy and raw material prices and downside risk in overseas economies attributable to monetary tightening and other such developments worldwide.
Under such circumstances, the Group aims to establish a stable management foundation underpinned by its corporate philosophy of, "we enable people to realize abundant lifestyles by positively engaging in our business activities while fulfilling our corporate social responsibility." To such ends, we will continue to enlist an approach entailing appropriate business selection and concentration in our respective business domains while seeking to streamline our operations.
The current fiscal year ending March 31, 2024 (fiscal 2023), serves as the final fiscal year of our medium-term business plan. Accordingly, we seek your ongoing understanding, guidance, and encouragement as we harness the combined efforts of our employees and officers toward achieving objectives of the plan.
TAIHEIYO KOUHATSU INCORPORATED
Yoshinori Itagaki, President