TOKYO — Onward Holdings said Friday that its net profit for the year ended February 29 grew 29.6 percent compared with the previous year, despite difficult circumstances brought on by factors such as last year’s earthquake and tsunami, the continuing strong yen and the European financial crisis. The company’s net totaled 3.53 billion yen, or $44.75 million at average exchange rates for the period.
Operating profit for the twelve months rose 22.7 percent to 10.95 billion yen, or $138.88 million. The company said that in order to counter the effects of the earthquake and achieve its own forecasts, it undertook measures such as strengthening its sales and more efficient cost management.
Onward posted net sales of 242.4 billion yen, or $3.07 billion, a year-on-year decline of 0.9 percent.
The company also released its guidance for the current fiscal year, ending February 28, 2013. It forecasts net profit will grow 41.7 percent to 5 billion yen, or $60.78 million at current exchange rates. Onward predicts operating profit will rise 26 percent to 13.8 billion yen, or $167.74 million. It is forecasting net sales will increase by 10 percent to 266.6 billion yen, or $3.24 billion.