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Financial Highlights
Consolidated Financial Results for the Fiscal Year Ended March 2024
| FYE March 2024 Result | YoY Change (%) | |
|---|---|---|
| Net sales | 1,540,642 | -5.2 |
| Operating profit | 23,276 | -53.5 |
| Ordinary profit | 54,102 | 113.8 |
| Profit attributable to owners of parent | 29,793 | 46.5 |
As a result, in the consolidated fiscal year under review, consolidated net sales were ¥1,540.642 million (down 5.2% year-on-year) and operating profit was ¥23,276 million (down 53.5% year-on-year). Consolidated ordinary profit was ¥54,102 million (up 113.8% year-on-year), mainly due to an increase in dividend income from mines and the recording of an equity-method investment profit. As a result, profit attributable to owners of parent was ¥29,793 million (up 46.5% year-on-year).
Overview by Segment
Metals Business
| FYE March 2024 Result | YoY Change (%) | |
|---|---|---|
| Net sales | 1,038,025 | -4.7 |
| Operating profit | 9,867 | -65.1 |
| Ordinary profit | 31,046 | 3.8 |
The Metals business was affected by a sharp decline in palladium prices and worsening market conditions for key products such as electrolytic copper and sulfuric acid. In addition, there was an impact of PT. Smelting's shift to contract smelting from January 2023.
As a result, net sales and operating profit as a whole decreased compared to the previous fiscal year. Ordinary profit increased mainly due to an increase in dividend income from Los Pelambres Copper Mine.
Advanced Products Business
| FYE March 2024 Result | YoY Change (%) | |
|---|---|---|
| Net sales | 488,712 | -7.2 |
| Operating profit | 4,088 | -50.0 |
| Ordinary profit | 1,818 | -74.7 |
For the Advanced Products business, in the Copper & Copper Alloy business, sales of automotive products decreased, while there were impacts of the price revisions and the depreciation of the yen. In the Electronic Materials & Components business, sales of semiconductor-related products decreased due to deteriorating semiconductor market conditions, and there was an impact of the transfer of polycrystalline silicon business in March 2023.
As a result, net sales and operating profit decreased compared to the previous fiscal year. Ordinary profit declined due to a decrease in operating profit, an increase in interest expense, and a decrease in equity-method investment profit.
Metalworking Solutions Business
| FYE March 2024 Result | YoY Change (%) | |
|---|---|---|
| Net sales | 140,034 | -1.1 |
| Operating profit | 10,802 | -23.4 |
| Ordinary profit | 12,272 | -15.5 |
In the Metalworking Solutions business, sales of cemented carbide products, one of our main products, decreased in Japan and the Asian region despite the impact of the depreciation of the yen and price increases.
As a result, net sales and operating profit as a whole decreased compared to the previous fiscal year. Ordinary profit decreased due to a decrease in operating profit.
Renewable Energy Business
| FYE March 2024 Result | YoY Change (%) | |
|---|---|---|
| Net sales | 4,644 | 33.6 |
| Operating profit | 834 | 271.3 |
| Ordinary profit | 857 | -13.5 |
In the Renewable Energy business, in addition to the start of the commercial operation of Komatagawa New Power Plant (hydroelectric power generation) in December 2022, unit sales prices in Onuma Geothermal Power Plant increased.
As a result, net sales and operating profit as a whole increased compared to the previous fiscal year. Ordinary profit decreased due to a decrease in equity-method investment profit.
Net Sales and Component Ratios by Region
for the Fiscal Year Ended March 2024
| Region | Net sales | Component ratio |
|---|---|---|
| Japan | 729,077 | 47% |
| United States | 81,343 | 5% |
| Europe | 73,246 | 5% |
| Asia | 638,590 | 41% |
| Others | 18,383 | 1% |
| Total | 1,540,642 | 100% |
