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During FY24 1Q, in addition to continuing uncertainty in the global situation, inflation progressed worldwide, resulting in unstable financial and foreign exchange markets. Demand adjustments have continued in the semiconductor-related and information and communications markets, which are our principal markets.
As a result, due mainly to the decrease in demand for our principal products, sales revenue for FY24 1Q decreased by 2.5%, as compared with the three months ended June 30, 2022 ("FY23 1Q"), which more than off-set a positive impact from the weaker yen in pushing up sales revenue.
Profit decreased as compared with FY23 1Q, due mainly to factors such as increases in the prices of raw materials and energy costs, etc., caused by inflation, as well as the decrease in sales revenue. Operating profit decreased by 38.0%, profit before income taxes decreased by 26.5%, and profit attributable to owners of the parent decreased by 25.2%.
[Released on July 31, 2023]
The forecasts of consolidated financial results for FY24 as well as the forecasts by reporting segment have not been changed from the forecasts announced in May 2023.
Consolidated financial results for FY24 1Q were generally within the range of our projections at the beginning of FY24.
With respect to our principal markets, namely the semiconductor-related and information and communication markets, the timing of recovery is expected to be in the six months ending March 31, 2024, or onward.
We aim to achieve our consolidated financial forecasts by acquiring orders and increasing sales as well as by pursuing further improvements in profitability.
