In January, MC begins the second year of Midterm Corporate Strategy 2018, which seeks to further our company's business model evolution from investing to managing.
Buoyed by a rebound in commodity prices and relatively favorable market conditions, we were able to upwardly revise our projected earnings for the fiscal year ending March 2017 in the year's second quarter. Although we have also reduced costs and made other structural improvements to capture market momentum, we are anticipating continued volatility in commodity prices. In 2017, we shall be maintaining our new midterm strategy's objectives, namely to rebalance both our resource and non-resource portfolios, and place greater emphasis on cash-flow-focused management.
We are working hard to generate new growth for MC by enhancing our management expertise, raising the value of our subsidiaries and affiliates, reviewing each of our businesses depending on its current lifecycle stage, and shifting our focus to business segments with the greatest potential. These approaches are all gaining traction, and I am pleased to report steady progress across our operations. Our frontline professionals have been showing their ingenuity, reducing costs and efficiently swapping out assets to optimize their portfolios.
With everything that transpired over the last 12 months, it is safe to assume that the world is readying for some big moves in 2017. Last year was evidence of how swiftly and globally change is taking place nowadays, and we must be ready to adapt our business models accordingly. So in addition to strengthening our existing businesses and remapping their portfolios, we shall also be following a broader, ten-year growth trajectory, where our challenge is to build new earnings drivers for MC that will assure it of a very bright future.
MC's guiding philosophy is its "Three Corporate Principles," and to uphold those principles it must meet the expectations of its many stakeholders. We remain confident that the best way to do that is through business that simultaneously generates economic, societal, and environmental value.
We look forward to the challenges ahead and ask for your continued support in 2017.
President & Chief Executive Officer