Central Glass (4044) Q2 2024 earnings summary

Executive summary

• H1 net sales fell 14.0% YoY to ¥68,036 million; operating profit fell 21.0% to ¥4,746 million.

• Profit attributable to owners of parent fell 51.0% to ¥2,782 million, including a ¥1,832 million loss on sale of shares of subsidiaries and associates.

• Comprehensive income declined 49.2% YoY to ¥4,701 million.

Financial highlights

• Gross profit was ¥18,897 million versus ¥19,522 million; basic EPS was ¥112.28 versus ¥228.92.

• Total assets declined ¥8.5 billion to ¥205.9 billion; net assets rose ¥1.4 billion to ¥121.5 billion.

• Equity ratio improved to 56.5% from 53.6%; debt/equity ratio improved to 0.40x from 0.46x, excluding lease obligations.

Segment performance

• Chemicals sales fell to ¥39,700 million from ¥50,225 million and operating profit to ¥3,995 million from ¥5,071 million.

• Electronic Materials sales rose to ¥11.2 billion from ¥8.5 billion on semiconductor gas and resist-material demand; Energy Materials sales fell to ¥7.6 billion from ¥20.1 billion as EV demand weakened.

• Applied Chemicals sales increased to ¥8.6 billion from ¥7.5 billion; Medi-Chemicals fell to ¥7.0 billion from ¥8.3 billion, and Fertilizers to ¥3.1 billion from ¥3.2 billion.

• Glass sales were ¥28,335 million versus ¥28,890 million and operating profit ¥750 million versus ¥939 million; its operating profit ratio fell to 2.6% from 3.3%.

• Automotive glass sales rose to ¥13.8 billion from ¥13.3 billion; Architectural glass fell to ¥10.4 billion from ¥11.5 billion, while Glass fiber remained at ¥4.1 billion.