Air Water Inc. has released full-year financials for the year ended 31st March 2017, in which the corporation saw further improvement in results due to a gradual recovery trend in market conditions.

The consolidated fiscal year results were ¥75bn ($6.9m) (112.4% that of the previous year), operating income was ¥42bn ($383m) (102.6%), ordinary income was ¥44bn ($401m) (108.3%) and net income attributable to owners was ¥25bn ($401m) (112.7%).

Each business segment of Air Water’s corporate group adopted various implementation measures set out in its three-year mid-term business plan ‘Next2020 - Ver. 3’, which is currently in its second year of implementation, by structurally reforming existing businesses and initiating growth strategies through M&A.

The company established a new logistics business and reinforced its regional business strategies, with focus placed on assigning regional representative directors to maximise the group’s comprehensive strength across the eight regional companies.

Overall, for the year, Air Water’s industrial gas business saw strong performance in its regional gas businesses backed by steady gas demand from a broad range of domestic manufacturing sectors. However, the results remained at the same level as the previous year due to the rise in electricity prices and also because of  fluctuations in operations of the company’s on-site gas supply service.

Air Water’s medical business is positioned as a future growth area and has been expanded through aggressive M&A’s. The agriculture and food product business performed well due to successful management strategies.

The company’s chemical business, which had been suffering from sluggish performance, saw further improvement in results due to a recovery in market conditions.