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Meitec Corporation of Japan has announced its full year 2010-2011 Results.

Meitec Corporation of Japan has announced its full year 2010-2011 Results.

Turnover of 61,790 million Yen(472,000,000) and net income of 3,937 million Yen (30,000,000).

During the subject fiscal year (from April 1, 2010 to March 31, 2011), although the cost cutting measures had continued among our main customer, major Japanese manufacturing industries, their effort in technological development investment for future growth had made firm advances. Under such environment, for our core business, temporary engineer staffing business, our sales efforts had extended not just only to our existing customers but to develop new customers. And our utilization ratio of engineers had improved.

As a result of this, consolidated net sales for the subject fiscal year (April 1, 2010 to March 31, 2011) had increased by 8,014 million yen compared to the previous fiscal year to 61,790 million yen. And as the utilization ratio improved, the cost of sales increased by 1,697 million yen compared to the previous fiscal year to 48,462 million yen. On the other hand, consolidated selling, general and administrative expenses had decreased by 1,644 million yen compared to the previous fiscal year to 10,294 million yen as a result of such factors as the continuing cost cutting efforts and reduction in training and education expenses for the un-assigned engineers.

As a result, consolidated operating income had increased by 7,961 million yen compared to the previous fiscal year turning to profit of 3,032 million yen from loss posted in previous fiscal year after making the return of the bonus and salary cut which was applied from the April 1, 2010 according to an agreement with the employee union.

During the subject fiscal year, we have posted 2,036 million yen of grant from the government subsidies for the employment adjustment as non-operating income. And the consolidated ordinary income had increased by 5,276 million yen compared to the previous fiscal year to 5,000 million yen. And consolidated net profit had increased by 4,842 million yen compared to the previous fiscal year to 3,937 million yen.

Economy Overview
For the first half of the subject fiscal year, Japanese economy was moving toward gradual recovery. But during the second half of the year, recovery was slowed down by the factors such as the rapid rise of the exchange rate of the yen. In addition, due to the Great East Japan Earthquake, uncertainty about prospect of the economy is increasing.

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