The global economy remained uncertain earlier in the current consolidated fiscal year due to prolonged US-China trade friction, the withdrawal of the United Kingdom from the EU, and an increased geopolitical risk in the Middle East. What is more, the economy deteriorated rapidly with novel coronavirus infection, which has expanded since the beginning of this year. As for the future situation, the outlook for the normalization of economic activities after the convergence of the infectious disease is uncertain, and a high degree of uncertainty is expected to continue.
Under these circumstances, the Yamaichi Electronics Group has been aiming to grow into a corporate group based on its three-year medium-term business plan (fiscal year ending March 2018 to the fiscal year ending March 2020) and provide products and services with which customers will be satisfied. From the perspective of developing products that will create the future under our global collaboration, we worked on growth strategy and structural reform to be included in the core of our strategy to strengthen our management foundation and expand profits. However, the expansion of novel coronavirus infection in the fourth quarter adversely affected the operation of the supply chain in China and the production base in the Philippines.
The outlook for the fiscal year ending March 2021 is expected to remain severe due to concerns over further economic slowdown worldwide because of the spread of novel coronavirus infection. Therefore, it is not easy to calculate the business performance properly and reasonably at this time, and therefore the final figures have not been decided. We will promptly disclose the results when they become clear.
We have been in the process of formulating the next medium-term business plan (fiscal year ending March 2021 to the fiscal year ending March 2023). However, due to the influence of the novel coronavirus infection, it is difficult to formulate an appropriate and rational plan at this time, and it is temporarily suspended at the moment. We will disclose it promptly once we start the formulation and when we are ready.
We appreciate your interest in our products and look forward to receiving your further support and patronage.