Japanese ceramic products provider Maruwa has reported a decline in net sales and operating income in the period from April 1st to December 31st, according to a company update issued on Tuesday.

The company reported that net sales had contracted by 1.6% to 15,849m JPY from 16,102m JPY in the corresponding period a year earlier.

Operating income contracted by 30.9% to 1,710m JPY from 2,473m JPY and net income contracted 28.5% to 1,233m JPY from 1,725m JPY.

However total assets were up 5.6% to 43,111 as of December 31st, compared to 40,808 as of March 31st.

In its financial update, Maruwa referenced the slowdown in growth during the quarter to the world's economy and Japan specifically.

"In this third quarter, the growth of the world economy has slowed due to the expanded Eurozone debt problem and to the rapidly developing economies in emerging countries, including China, rapidly losing steam, and in spite of an indication of economic recovery in the United States.

"Despite a strong automotive market and the need for the reconstruction of the Tohoku area, the Japanese economy still has some uncertainty in its outlook because of unstable employment, sluggish personal consumption, instability in electric power supply, deflation, the appreciation of the yen and diplomatic problems."

MF

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