Meitec Corporation has announced its Results for the Third Quarter ended December 31, 2010
Meitec Corporation of Japan has announced its Results for the Third Quarter ended December 31, 2010
For the three quarters of the fiscal year (9 month period from April 1, 2010 to December 31, 2010), although the performances of our customers, major manufacturers, are firmly recovering and resumption of R&D investment are gradually expanding. Under such conditions, for our core businesses, temporary engineer staffing business, we have actively conducted sales efforts toward our current customers, and our utilization ratio had continued to improve. As a result, companys consolidated revenue to the 3rd quarter increased by 6,053 million yen compare to the same period of the previous fiscal year to 45,198 million yen.
The consolidated cost of sales increased by 1,197 million yen compared to the same period of the previous fiscal year to 36,139 million yen. Main reason for this increase was due to the increase of wedges.
By decline of educational cost as our utilization ratio improved and by further applying thorough measure for higher efficiency, cost of consolidated selling, general and administrative expenses decline by 1,203 million yen compare to the same period of previous fiscal year to 7,565 million yen.
As the result, the consolidated operating income increased by 6,059 million yen compared to the same period of previous fiscal year to post profits of 1,493 million yen.
As the Company disclosed on May 13, 2010 in the financial statement for the fiscal year ended March 31, 2010, if the actual operating profits exceed the forecasted amount, the Company is planning that the excess amount to be given priority to be used to returned to employee.
For this purpose, the Company has set a maximum amount of 2,238 million yen in consolidated basis which to be applied toward return to employee. And at the end of the 3rd quarter, we posted maximum amount for three quarter, 1,678 million yen in consolidated basis, of which 1,411 million yen for Meitec alone, and therefore the operating income became 815 million yen.
The company continues to post 1,756 million yen of extraordinary income for the government subsidies for employment adjustment. And as a result, the Company posted consolidated ordinary income increased by 4,148 million yen compared to the same period of the previous fiscal year to
3,289 million yen. And the consolidated net income increase by 3,777 million yen to 2,482 million yen.