Central Glass (4044) Q3 2023 earnings summary

Executive summary

• 9M FY2023 net sales were ¥120.9bn, down 3.4% YoY; operating profit fell 15.5% to ¥10.6bn and profit attributable to owners of parent declined 57.2% to ¥9.3bn.

• Results reflected stronger glass sales but lower chemical sales and a sharp reduction in extraordinary income versus the prior-year period.

Financial highlights

• 9M net sales were ¥120.9bn versus ¥125.1bn YoY; operating profit was ¥10.6bn versus ¥12.5bn, and ordinary profit was ¥10.9bn versus ¥14.8bn.

• Profit before income taxes fell to ¥12.8bn from ¥24.2bn; extraordinary income was ¥1.9bn versus ¥9.4bn, while parent-attributable profit was ¥9.3bn versus ¥21.7bn.

• Comprehensive income was ¥12.7bn, down from ¥19.0bn YoY.

Outlook and guidance

• FY2023 forecast, announced in November 2023, calls for net sales of ¥161.5bn, operating profit of ¥11.0bn, and full-year glass and chemicals sales of ¥61.0bn and ¥100.5bn, respectively.

• Forward-looking expectations are based on economic conditions and market trends as of February 5, 2024, and actual results may differ substantially due to uncertainties and unknowable factors.