CHORI CO., LTD. Translation ― Original text in Japanese
FY03/2024 Q1
(April 1, 2023 to June 30, 2023)
Financial Results
Materials
(Highlights)
July 28, 2023
FY03/2024 Q1 Financial Results Summary
Key Points of the Summary
POINT
The Medium-Term Management Plan "Chori Innovation Plan 2025" starts.
- The Company is off to a smooth start toward achieving its full-year forecast of financial results for the fiscal year ending March 31, 2024.
Business
results summary
Financial
base
- Despite a year-on-year decline in sales, segment profit (profit before income taxes) remained on par with the previous year.
- The Fibers, Textiles and Garments business recovered with higher sales and a significant increase in profits. The Chemicals business also performed well.
- Equity-to-assetratio: 52.3% Maintained at a high level
- ROE (net income/annual basis) 12.1％
- ROIC (net income/annual basis) 13.1％
Topics
- The company-wide business transformation project (mission critical system (SAP) implementation project, called CARAT) is progressing as planned, with full-scale operation scheduled for April 2025. The project has transitioned from the design phase to the implementation phase.
- The Company is enhancing disclosures based on the recommendations of the Task
Force on Climate-related Financial Disclosures (TCFD), including calculating GHG emissions for a 1.5°C scenario and Scope 3.
CHORI CO., LTD.
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FY03/2024 Q1 Financial Results Summary
Business Results Breakdown (YoY Comparison)
POINT | ⚫ There were hopes for a pick-up in economic activity in China following the end of its zero-COVID |
policy. However, the prolonged slump in the real estate market has slowed the pace of economic | |
recovery. Western countries remain concerned about inflation. |
- The Japanese economy continues to face an uncertain business environment due to rising prices for various consumer goods.
- However, the Japanese apparel market is rebounding, leading to positive performance in the Fibers,
Textiles and Garments business.
Unit: billions of yen | FY03/2023 | FY03/2024 | Difference | Ratio |
Apr.-Jun. | Apr.-Jun. | |||
Net sales | 81.9 | 75.8 | -6.1 | -7.5% |
Gross profit | 9.1 | 9.6 | +0.5 | +5.6% |
Selling, general and administrative expenses | 5.9 | 5.7 | -0.2 | -3.6% |
Operating profit | 3.2 | 3.9 | +0.7 | +22.6% |
Ordinary profit | 3.7 | 3.6 | -0.0 | -1.3% |
Profit before income taxes | 3.7 | 3.6 | -0.1 | -1.4% |
Net profit attributable to owners of the parent | 2.3 | 2.2 | -0.1 | -3.6% |
CHORI CO., LTD.
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FY03/2024 Q1 Financial Results Summary
Reasons for Changes in Profit before Income Taxes
Unit: billions of yen
+0.2 | -0.8 | |
+1.2 | ||
-0.7 | SG&A | |
reduction | ||
Foreign | ||
exchange | ||
Effect of | Increased | Gain/loss |
decreased | profit ratio | |
sales | ||
3.7 | 3.6 | |
FY03/2023 | FY03/2024 |
Apr.-Jun. | Apr.-Jun. |
CHORI CO., LTD.
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FY03/2024 Q1 Financial Results Summary
Segment Results | Unit: billions of yen | |||||
Net sales | ■ Fibers, Textiles and Garments | FY03/2023 | FY03/2024 | |||
■ Chemicals ■ Machinery ■ Others | Unit: billions of yen | Difference | ||||
Apr.-Jun. | Apr.-Jun. | |||||
31.5 | 33.7 | Fibers, Textiles | 31.5 | 33.7 | +2.2 | |
and Garments | ||||||
Chemicals | 48.9 | 41.4 | -7.4 | |||
48.9 | 41.4 | Machinery | 1.5 | 0.6 | -0.9 | |
Others | 0.0 | 0.0 | +0.0 | |||
1.5 | 0.6 | |||||
0.0 | 0.0 | Total | 81.9 | 75.8 | -6.1 | |
FY03/2023 | FY03/2024 | |||||
Apr.-Jun. | Apr.-Jun. |
Profit (loss) before income taxes
- Fibers, Textiles and Garments
- Chemicals ■ Machinery ■ Others*
0.81.9
2.52.1
0.4 | 0.0 |
0.0 | -0.5 |
FY03/2023 FY03/2024
Apr.-Jun.Apr.-Jun.
Unit: billions of yen | FY03/2023 | FY03/2024 | Difference |
Apr.-Jun. | Apr.-Jun. | ||
Fibers, Textiles | 0.8 | 1.9 | +1.1 |
and Garments | |||
Chemicals | 2.5 | 2.1 | -0.4 |
Machinery | -0.0 | -0.5 | -0.4 |
Others* | 0.4 | 0.0 | -0.4 |
Total | 3.7 | 3.6 | -0.1 |
*Adjusted amounts for Others are included.
Fibers, Textiles and Garments
Increased sales and significant increased profit
Steady | Overall |
Recovering | Domestic apparel-related |
Chemicals | Machinery | |||||||
Decreased sales and profit | Decreased sales and segment loss | |||||||
Steady | Fine chemicals | Loss | Foreign exchange loss | |||||
Overall decrease in demand | ||||||||
Struggling | ||||||||
and poor market conditions | ||||||||
(Performance chemicals, | ||||||||
Inorganic fine materials) | CHORI CO., LTD. |
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Chori Co. Ltd. published this content on 07 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 07:38:04 UTC.
