Business Results for the First Quarter of
Fiscal Year Ending March 31, 2024
(April 1, 2023 - June 30, 2023)
August 10, 2023
1
Financial Results for the Q1 FY2023
- Net sales decreased by 1,621million yen YOY due to inventory adjustments in the semiconductor market.
- Operating profit decreased by 631million yen YOY due to lower sales in addition to higher fuel and electricity costs, and higher fixed costs due to increased production capacity.
- Ordinary profit decreased by 967 million yen due to the impact of -329 million yen in foreign exchange gains.
Q1 FY2022 | Q1 FY2023 | YoY | ||||
(Million yen) | Results | Results | Change | % | ||
Net sales | 9,232 | 7,611 | (1,621) | (18) | ||
Operating profit | 1,466 | 834 | (631) | (43) | ||
Ordinary profit | 1,788 | 820 | (967) | (54) | ||
Profit | 1,229 | 552 | (677) | (55) | ||
FX Rate (USD) | ¥127/$ | ¥136/$ | ||||
2
Quarterly Sales & Operating profit Trend
- Inventory adjustments in the semiconductor market are protracted.
- After peaking in Q4 FY2021 and Q1 FY2022, sales will continue to decline.
(Million yen) | Quarterly Sales & Operating profit Trend | (Million yen) | |||||||||||
10,000 | Net sales | 2,000 | |||||||||||
Operating profit | 7,611 | ||||||||||||
8,000 | 1,600 | ||||||||||||
6,000 | 1,200 | ||||||||||||
834 | |||||||||||||
4,000 | 800 | ||||||||||||
Decreased demand due to | |||||||||||||
2,000 | inventory adjustments in the market | 400 | |||||||||||
Continued high prices of raw materials, fuel and transportation cost | |||||||||||||
0 | 0 | ||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |
FY2020 | FY2021 | FY2022 | FY2023 |
3
Variance Analysis: Operating profit
- Decrease of 0.63 billion yen YoY due to lower sales resulting from inventory adjustments in the semiconductor market, higher fuel and electricity costs and etc., as well as higher fixed costs resulting from increased production capacity.
(Billion yen) | +0.27 | (0.61) | |
1.46 | +0.05 | ||
Increase in | |||
FX | |||
inventory | |||
(unit price, quantity) |
(0.18)
Decrease in Sales
(0.17)
higher fuel,
electricity and0.83 production costs
Increase in
expenses for
technology | ||
development and | ||
FY2022 Q1 | production capacity FY2023 Q1 | |
Operating profit | expansion. | Operating profit |
4
Photosensitive Materials Segment
Net sales & Operating profit
(Million yen) | (Million yen) | ||||||||||||||||||||||||
7,000 | Net sales | 1,400 | Net sales: ¥4,832 Million | ||||||||||||||||||||||
Operating profit | |||||||||||||||||||||||||
6,000 | 1,200 | YoY: −¥678 Million, −12% | |||||||||||||||||||||||
5,511 | 5,442 | ||||||||||||||||||||||||
• Demand for semiconductor materials was sluggish due to | |||||||||||||||||||||||||
998 | 4,970 | 4,930 | 4,832 | ||||||||||||||||||||||
5,000 | 1,000 | inventory adjustments in the market. | |||||||||||||||||||||||
907 | |||||||||||||||||||||||||
820 | • Demand for display materials recovered thanks to a | ||||||||||||||||||||||||
4,000 | 800 | recovery in production of large LCD panels, mainly in | |||||||||||||||||||||||
574 | China. | ||||||||||||||||||||||||
3,000 | 600 | ||||||||||||||||||||||||
Operating profit: ¥574 Million | |||||||||||||||||||||||||
580 | |||||||||||||||||||||||||
2,000 | 400 | YoY: −¥423 million, −42% | |||||||||||||||||||||||
1,000 | 200 | • In addition to the decrease in sales, fixed costs increased | |||||||||||||||||||||||
due to the increase in production capacity as personnel | |||||||||||||||||||||||||
0 | 0 | and capital investment. | |||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | |||||||||||||||||||||
FY2022 | FY2023 |
5
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Toyo Gosei Co. Ltd. published this content on 18 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2023 04:12:01 UTC.