2011/01/06 (Thu)
New Year Greetings 2011
Happy New Year! I hope you had wonderful moments with your family and friends during the holidays. On behalf of Kanefusa, I am very grateful for the kindness that you showed us last year.
In 2010, it became clear that the economic dynamism of developing countries overtook that of developed countries. The financial crisis in Greece and Ireland caught a lot of attention and the week economy of Latin countries made the whole economy stagnant. The American economy recovered gradually, but the situation is not all optimistic due to the lack of strong leadership of the US government and the financial anxiety. On the other hand, the economy of developing countries in East Asia, mainly China and those with the strong domestic demand like India and Brazil maintained big growth involving neighboring countries.
In Japan, pessimism to the Japanese economy was strong and business recovery was poor. Emergency economic package took effect but slump of stock market and appreciation of the yen affected the export business seriously.
In this difficult situation, Kanefusa has achieved the expected sales budget in domestic market thanks to expansion of the present market share and development of new markets. In overseas market, owing to the booming economy in China, East Asia and also American automobile industry, we marked a very strong recover from the previous year’s recession. As a result, we expect now that we will make reasonable operational profit by the end of the fiscal year, a big change from last year’s deficit. I feel that this was a great achievement especially in view of the strike in our Indonesian factory that lasted from mid June through December last year.
We resumed formulating our three-year mid term management plan that was suspended after Lehman’s shock. In addition, during last year, Kanefusa do Brazil was launched soon after Kanefusa India started its actual operation. I believe again that the new goals, challenges and dreams are always possible to achieve. This is our very important first year of the mid term management plan.
I hope 2011 will be happy and prosperous for you and your family.
Mr. Watanabe
President
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