Message from the President
I would like to express my sincere thanks for the kind patronage shown to our company by all of our shareholders and investors.
During the consolidated fiscal year (December 1, 2013 to November 30, 2014) that our Morito Group recently completed, the Japanese economy continued to experience a gradual recovery overall, which was given a slight boost by an abrupt jump in demand as consumers rushed to make major purchases before the implementation of the increase in the consumption tax and which received much more substantial support by an improvement in corporate profit figures, an increase in equipment investment, and a more robust employment situation thanks to the positive effects of the economic and financial measures taken by the central government and the Bank of Japan.
However, there are still dark clouds on the horizon that suggest the possibility of stormy days to come due to certain negative factors, including a slowdown in domestic demand in the wake of the increase in the consumption tax and much higher raw materials prices as the direct result of a much weaker yen.
The outlook for the world economy may be even gloomier when a number of worrying trends are taken into account, including the scaling-back of the quantitative easing program in the U.S.A., the slowing-down of the growth of China's economy, and the debt problems in Europe.
Faced with this situation, our Morito Group, which mainly handles apparel materials and daily-life-related industry materials, is committed to carrying out its growth strategy with the expansion of the scale of business as the primary goal by steadily promoting the implementation of the global sales network and production bases, including Japan, within the framework of the medium-term business plan called "Aiming at Becoming a Global Growth Company".
As a result of our positive approach, in the recently completed consolidated fiscal year, our company performed well, recording turnover of 35,862 million yen (up by 8.2% over the previous year), operating profit of 1,429 million yen (up by 2.8%), recurring profit of 1,729 million yen (up by 1.8%), and current net profit of 1,270 million (up by 17.4%).
We are determined to continue doing our best so as to further improve our business results in the future in our wish to respond to the expectations placed in us by all our shareholders and investors, for which your renewed support and encouragement would be highly appreciated.
Representative Director, Morito & Co., Ltd.