Yamaha Motor Co today reported net sales of ¥1.6tr for its fiscal year ended December 31, 2017. That represents an 11.1% increase compared to fiscal 2016. The company had net income of ¥101.6bn, up 60.9% over the previous year.

The company said its marine division, which includes outboards and personal watercraft, had sales of ¥323.8bn for the year, up 9%, along with operating income of ¥59.5bn, up 7.4%. Yamaha said that outboard and personal watercraft unit sales were up over the previous year, and its boat production volume was up after it acquired several boatbuilders in Europe.

“Operating income also increased thanks to improvements in the model mix due to increased sales of large outboard motors in North America and Europe,” said a statement.

Yamaha is developing a system supplier business model that incorporates suppliers through acquisitions. It made two acquisitions last year in the US.

For 2018, the company is projecting net sales of ¥1.7tr, up 1.8% compared to fiscal 2017. Net income is forecasted to rise 1.4% to ¥103.0bn for the year.