Air Water Inc. has released its full-year financials, ending on 31st March 2016, in which the corporation managed to stay afloat amid the current economic slowdown in China.
The Japanese industrial gas company reported flat sales for this financial period, with overall sales largely staying the same at ¥660.6bn ($6bn), despite a “sense of stagnation” deepening across the North Pacific rim sector.
Total operating income increased 9.4%, despite current economy woes, and reached a total of ¥39.5bn ($363m).
However, ordinary income fell 8.1% to ¥35.1bn ($323m) and current net income also showed a loss, falling 2.7% to ¥20bn ($184m).
Japan’s domestic economy was significantly affected amid the economic slowdown in China, with lacklustre capital investment from Chinese manufacturing companies during the latter half of the fiscal year impacting potential financial gains.
Despite these economic difficulties, Air Water posted largely flat results, which the corporation mainly attributed to its rapid increase in acquisition activity. The company did also state, however, that demand for gas supply in its blast furnaces had unexpectedly declined.
In its energy business, Air Water focused on promoting its expansion of sales volumes despite the lingering challenges of rock-bottom crude oil prices, and the corporation claims its chemical business “fell into difficult straits,” particularly concerning tar distillation, due to the continuous tumble in crude oil prices and the gradual deterioration of the Chinese economy.
Its medical business unit, however, exceeded results of the previous fiscal term with the significant progress linked to launching new products for home medical care services and strengthening coordination with major hospitals.