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Financial Summary

The third quarter of fiscal year 2024 summary

(Unit: millions of yen)
  Fiscal year 2024 third quarter Year-on-year
Net Sales149,910△18.9%
Operating Income6,565△34.5%
Ordinary Income5,992△35.3%
Net Income4,269△33.5%

During the third quarter of the fiscal year under review, the Japanese economy maintained a moderate recovery trend since the normalization of economic activities progressed and personal consumption and employment started picking up. When it comes to the global economy, the outlook remained uncertain due to heightened geopolitical risks from the protracted conflict in Ukraine and the escalation of the Mideast situation, as well as a global monetary tightening and other factors.

In the electronics industry, although demand for electrification of automobiles continued to expand, production of electronic parts was weak due to a delayed recovery of the Chinese economy and diminishing demand for smartphones.

Under these circumstances, the Group focused on selling automotive-related materials. However, due to the impact of sluggish sales of display-related materials, net sales for the third quarter of the fiscal year under review decreased by 18.9% from the previous fiscal year to 149,910 million yen.

Operating income decreased by 34.5% from the previous fiscal year to 6,565 million yen, due to a decrease in gross profit caused by weaker sales, as well as recording a valuation loss on inventories (cost of sales) and provision of allowance for doubtful accounts (selling, general and administrative expenses) regarding inventories for and accounts receivable-trade from a specific customer for which an application for civil rehabilitation procedures was filed during the first quarter of the fiscal year.

Ordinary income decreased by 35.3% from the previous fiscal year to 5,992 million yen, due to a decrease in operating income.

Net income decreased by 33.5% from the previous fiscal year to 4,269 million yen, due to a decrease in ordinary income.



The third quarter of fiscal year 2024 segment summary

(Unit: millions of yen)
Japan China Other Asian countries Europe and America
Net Sales82,76431,59021,91713,638
Operating Income2,0372,0881,189572

<Japan>

Net sales decreased by 17.6% from the same period of the previous fiscal year to 82,764 million yen, due to a decrease in the sales of display-related materials. Operating income decreased by 53.9% from the same period of the previous fiscal year to 2,037 million yen.

         

<China>

Net sales decreased by 27.5% from the same period of the previous fiscal year to 31,590 million yen due to a decrease in the sales of game console-related materials. Operating income decreased by 31.8% from the same period of the previous fiscal year to 2,088 million yen.


<Other Asian countries>

Net sales decreased by 20.8% from the same period of the previous fiscal year to 21,917 million yen due to a decrease in the sales of electronic parts-related materials. Operating income decreased by 5.4% from the same period of the previous fiscal year to 1,189 million yen.


<Europe and America>

Net sales increased by 3.0% from the same period of the previous fiscal year to 13,638 million yen, due to an increase in the sales of automotive-related materials. Operating income increased by 54.1% from the same period of the previous fiscal year to 572 million yen.

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