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Kawai Closes Latest Term With Growth
Kawai disclosed consolidated annual report for 12-month term ended in March 2019. The sales for the term were 72.4 billion yen, an increase of 1.58 billion yen over the previous term. The operating revenue was 3.67 billion yen, an increase of 0.92 billion yen. Ordinary income increased 0.85 billion yen to 3.92 billion yen. The net income was 2.01 billion yen, an increase of 0.058 billion yen.
Educational instrumental business increased 3.05 billion yen to 58.59 billion yen. The operating revenue also increased 0.94 billion yen to 2.58 billion yen.
The acoustic pianos, the largest business line of Kawai, gained successfully headed by 2-digit growth in China and favorable performance in Europe, North America and Japan. In particular, sales of the high-end value-added models including Shigeru Kawai, AURES and ATX models were brisk.
MPVUS NV10 and CA Series digital pianos sold well in Europe and Japan. Integrated recruitment programs carried for piano courses at music teaching laboratories contributed to boost new enrollments and additional piano sales.