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| Our sales and our operating income declinedin the past fiscal year. And we posted a net loss. Demand remained solidin the first part of the year. But oil prices surged to historic high levels,and prices for raw materials continued to rise. Another problemwas the appreciation of the yen. Then, demand collapsedafter the financial crisis occurred last autumn. That obliged usto reduce production at some of our plants,to put a freeze on capital spending,and to cut costs dramatically. The business environment remains challenging.But raw material prices have declined,and we are making further progressin improving our profit structure. So we expect our profitability to improvein the present fiscal year. As for dividends,we declared annual dividendsof ten yen per share for the past fiscal year. And we expect to maintain the annual dividendsat the same level for this fiscal year. |
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