Outline of Results Briefing held on November 6, 2015

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(Continued from previous page.)*

Next, please refer to page 6 of our Consolidated Financial Results (Tanshin). We posted an extraordinary loss of ¥1.1 billion associated with US subsidiary Shinra Technologies, Inc. The wholly-owned subsidiary is still in the business development phase, meaning that it as of yet has no sales to offset initial costs. This resulted in a decline in net asset value, which we booked as a valuation loss in accordance with accounting standards.
This ends explanation on the 1H results outline.

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I am Yosuke Matsuda. I will be discussing our earnings and our future outlook. Here you see our net sales quarter by quarter. Net sales grew QoQ in 2Q.

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This slide shows our operating income quarter by quarter. Our operating income declined from ¥7.9 billion in 1Q to ¥4.7 billion in 2Q. I will explain why this happened.

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The first reason involves MMO. The MMO business was brisk, but the 1Q launches of expansion packs set a hurdle that we were unable to surmount in 2Q, resulting in a decline in net sales and net income.

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