Yamaha Corp. expects to achieve ¥55 billion in operating income in fiscal year 2019, the company said May 2 when it delivered results for fiscal year 2018.

The Japanese musical instruments maker is targeting an operating income ratio of 12% for fiscal 2019, with net sales expected to reach ¥442 billion. It also expects higher sales and income in its musical instrument and audio equipment segments.

Yamaha's projection came on the back of a 16.4% increase in its net income for fiscal year 2018 at ¥54.4 billion, compared to ¥46.7 billion the prior year.

The S&P Capital IQ consensus net income estimate for the year was ¥57.57 billion.

Net sales for the year also grew 6.1% to ¥433 billion from ¥408.2 billion in 2017.

The company said double-digit growth is anticipated in China in 2019, with sales expected to remain robust in emerging markets.

As of May 1, US$1 was equivalent to ¥109.68.