Central Glass (4044) Q2 2023 earnings summary

Executive summary

• H1 FY2023 net sales were ¥791 hundred million, up 1.1% YoY, while operating profit fell 19.1% to ¥60 hundred million.

• Profit attributable to owners of parent declined 66.4% YoY to ¥57 hundred million; ordinary profit fell 40.7% to ¥63 hundred million.

Financial highlights

• Profit before income taxes was ¥82 hundred million vs ¥187 hundred million YoY; extraordinary income declined to ¥19 hundred million from ¥81 hundred million.

• Comprehensive income was ¥92 hundred million vs ¥145 hundred million YoY.

Outlook and guidance

• FY2023 revised forecast: net sales ¥1,615 hundred million, operating profit ¥110 hundred million, ordinary profit ¥120 hundred million and attributable profit ¥100 hundred million.

• Versus the May forecast, full-year net sales were reduced from ¥1,825 hundred million; operating profit from ¥140 hundred million, ordinary profit from ¥160 hundred million and attributable profit from ¥140 hundred million.

• Revised segment forecasts: Glass sales ¥610 hundred million and operating profit ¥25 hundred million; Chemicals sales ¥1,005 hundred million and operating profit ¥85 hundred million.

• Forecast reductions reflect lower HFO and semiconductor-related sales, weaker fertilizer sales and prices, and softer lithium-ion electrolyte demand and prices.