Since its foundation in 1934, Sinto has been committed to developing the most innovative technologies in order to supply the best foundry equipment in the process materials industry. This is based on: “Giving Form and Life to Process Materials.”
As a result, Sinto has become the world's largest and most trusted manufacturer of foundry equipment. Sinto is able to offer sophisticated foundry technologies for improving casting quality, productivity and the work environment. Sinto has applied its experience and know-how of foundry technology to related fields, such as surface treatment, environmental equipment, and other applications, such as mechatronics, powder treatment, testing & measurement, ceramics, and material handling.
In 2019, the world was already facing an uncertain future, with the US-China trade conflict and slowdown of the Chinese economy as well as the UK leaving the European Union. Then the COVID-19 pandemic hit at the end of the fiscal year, bringing the global economy to a halt. Overseas, there has been an extreme slowdown in economic activities and clear restraint in capital investments, and in Japan, with outings and events cancelled as a result of the pandemic, personal consumption fell significantly. Regarding the Sinto Group’s business environment, overseas, there has been a decrease in capital investment in automotive fields and in general. In Japan, amid sluggish foreign demand and capital investment, the slowed economy due to the pandemic has had a large impact on the business environment.
Under these conditions, on a consolidated basis, we had an order volume of ¥96,714 million (13.8% decrease from the previous fiscal year), net sales of ¥102,703 million (6.7% decrease), and order backlog of ¥34,669 million (14.7% decrease), with weak results overall. For income, with the decrease in revenue, operating income fell to ¥4,734 million (15.3% decrease), and with decreased equity in earnings of affiliated companies, net income before taxes fell to ¥4,732 million (27.1% decrease). Additionally, as gains from the sale of fixed assets were included in the previous fiscal year’s accounts, net income attributable to shareholders of the parent company fell to ¥2,879 million (46.8% decrease).