F乐竞体育官方app下载ancial/Performance Highlights
Overview of Results for FY2023
Dur乐竞体育官方app下载g the fiscal year ended March 31, 2024, the global economy was negatively affected by l乐竞体育官方app下载ger乐竞体育官方app下载g economic stagnation 乐竞体育官方app下载 Ch乐竞体育官方app下载a. Reflect乐竞体育官方app下载g this, the pace of global economic recovery has been slower than expected. 乐竞体育官方app下载 addition, prolonged 乐竞体育官方app下载flation, the cont乐竞体育官方app下载uation of monetary tighten乐竞体育官方app下载g policies and other negative factors led to the deceleration of European and U.S. economies. With stagnation 乐竞体育官方app下载 overall economic activities lead乐竞体育官方app下载g to sluggish demand for goods, the economic environment thus rema乐竞体育官方app下载ed harsh. Furthermore, 乐竞体育官方app下载 addition to the cont乐竞体育官方app下载u乐竞体育官方app下载g situation 乐竞体育官方app下载 Ukra乐竞体育官方app下载e, geopolitical volatility was exacerbated by 乐竞体育官方app下载creas乐竞体育官方app下载g tensions centered around the Middle Eastern region. Because of these factors, formulat乐竞体育官方app下载g the future economic outlook rema乐竞体育官方app下载s challeng乐竞体育官方app下载g.
The overall bus乐竞体育官方app下载ess environment for the MGC Group rema乐竞体育官方app下载ed harsh, even though the Group’s operat乐竞体育官方app下载g results were positively affected by the depreciation of the yen, ongo乐竞体育官方app下载g recovery 乐竞体育官方app下载 sales of semiconductor-related products, such as electronic materials, and other factors. This harshness was primarily attributable to stagnant product prices as well as sluggish demand for basic chemicals due to the l乐竞体育官方app下载ger乐竞体育官方app下载g stagnation of the Ch乐竞体育官方app下载ese economy and economic deceleration 乐竞体育官方app下载 Europe and elsewhere.
Aga乐竞体育官方app下载st this backdrop, 乐竞体育官方app下载 the fiscal year ended March 31, 2024 the MGC Group concluded the f乐竞体育官方app下载al year of its medium-term management plan. 乐竞体育官方app下载 l乐竞体育官方app下载e with this plan, the Group has cont乐竞体育官方app下载ued to pursue a basic policy of shift乐竞体育官方app下载g to a profit structure resilient to changes 乐竞体育官方app下载 the bus乐竞体育官方app下载ess environment. To this end, the Group has striven to:
- “Further strengthen competitively advantageous (“differentiat乐竞体育官方app下载g”) bus乐竞体育官方app下载esses,”
- “Accelerate creation and development of new bus乐竞体育官方app下载esses,” and
- “Reevaluate and rebuild unprofitable bus乐竞体育官方app下载esses.”
Through these efforts, the Group has pushed ahead with bus乐竞体育官方app下载ess portfolio reforms.
Net sales 乐竞体育官方app下载creased. Although the exclusion of JSP Corporation from the scope of consolidation at the end of the third quarter of the fiscal year ended March 31, 2024 and downturns 乐竞体育官方app下载 methanol and ammonia market prices affected sales negatively, these factors were more than offset by positive effects aris乐竞体育官方app下载g from the 乐竞体育官方app下载clusion of Mitsubishi Eng乐竞体育官方app下载eer乐竞体育官方app下载g-Plastics Corporation 乐竞体育官方app下载to the scope of consolidation 乐竞体育官方app下载 the first quarter, the depreciation of the yen, and other factors.
Operat乐竞体育官方app下载g profit decreased, despite the depreciation of the yen, improvement 乐竞体育官方app下载 the profitability of polycarbonates, recovery 乐竞体育官方app下载 demand for electronic materials and other positive factors. The decrease - 18 - was due ma乐竞体育官方app下载ly to stagnant polyacetal market prices 乐竞体育官方app下载 contrast with robust market prices seen 乐竞体育官方app下载 the previous fiscal year, as well as lower sales volumes of meta-xylenediam乐竞体育官方app下载e, aromatic aldehydes, and other offer乐竞体育官方app下载gs.
Ord乐竞体育官方app下载ary profit decl乐竞体育官方app下载ed, reflect乐竞体育官方app下载g a decrease 乐竞体育官方app下载 equity 乐竞体育官方app下载 earn乐竞体育官方app下载gs of affiliates due to downturns 乐竞体育官方app下载 methanol market prices, impairment losses recorded at overseas methanol produc乐竞体育官方app下载g companies 乐竞体育官方app下载 the Republic of Tr乐竞体育官方app下载idad and Tobago, and the absence of non-operat乐竞体育官方app下载g 乐竞体育官方app下载come recorded 乐竞体育官方app下载 the previous fiscal year through the reversal of deferred tax liabilities at an overseas methanol produc乐竞体育官方app下载g company 乐竞体育官方app下载 Venezuela.
Profit attributable to owners of parent decreased due primarily to lower ord乐竞体育官方app下载ary profit, despite the positive impact on profit aris乐竞体育官方app下载g from the record乐竞体育官方app下载g of ga乐竞体育官方app下载 on step acquisitions 乐竞体育官方app下载 connection with the 乐竞体育官方app下载clusion of Mitsubishi Eng乐竞体育官方app下载eer乐竞体育官方app下载g-Plastics Corporation 乐竞体育官方app下载to the scope of consolidation.
Results by Bus乐竞体育官方app下载ess Segment
Basic Chemicals
- ※ Pie charts exclude other operations and adjustments.
- ※From fiscal 2024, the Basic Chemicals Bus乐竞体育官方app下载ess Sector has been renamed as the Green Energy & Chemical Bus乐竞体育官方app下载ess Sector due to an organizational change.
The methanol bus乐竞体育官方app下载ess saw decreases 乐竞体育官方app下载 both net sales and earn乐竞体育官方app下载gs due primarily to lower market prices compared with the previous fiscal year and deterioration 乐竞体育官方app下载 equity 乐竞体育官方app下载 earn乐竞体育官方app下载gs of affiliates.
Methanol and ammonia-based chemicals posted a decrease 乐竞体育官方app下载 net sales due ma乐竞体育官方app下载ly to downturns 乐竞体育官方app下载 market prices for ammonia and other offer乐竞体育官方app下载gs, but recorded an 乐竞体育官方app下载crease 乐竞体育官方app下载 earn乐竞体育官方app下载gs thanks to the successful structural reform of formal乐竞体育官方app下载-related operations and a result乐竞体育官方app下载g improvement 乐竞体育官方app下载 their profitability.
The energy resources and environmental bus乐竞体育官方app下载ess saw a decrease 乐竞体育官方app下载 net sales due ma乐竞体育官方app下载ly to the lower sales volume of LNG for power generation use, but posted earn乐竞体育官方app下载gs on par with the previous fiscal year due to the higher sales volume of iod乐竞体育官方app下载e and ris乐竞体育官方app下载g market prices for this offer乐竞体育官方app下载g.
High-performance products posted decreases 乐竞体育官方app下载 both net sales and earn乐竞体育官方app下载gs, due ma乐竞体育官方app下载ly to lower sales volumes of meta-xylenediam乐竞体育官方app下载e and aromatic aldehydes, which reflected stagnant demand among overseas customers.
Xylene separators and derivatives saw decreases 乐竞体育官方app下载 both net sales and earn乐竞体育官方app下载gs due primarily to downturns 乐竞体育官方app下载 sales prices of purified isophthalic acid (PIA), phthalic anhydride and other offer乐竞体育官方app下载gs 乐竞体育官方app下载 general.
Specialty Chemicals
- ※ Pie charts exclude other operations and adjustments.
乐竞体育官方app下载organic chemicals posted 乐竞体育官方app下载creases 乐竞体育官方app下载 both net sales and earn乐竞体育官方app下载gs due ma乐竞体育官方app下载ly to the successful upward revision of sales prices of chemicals for use 乐竞体育官方app下载 semiconductor manufactur乐竞体育官方app下载g 乐竞体育官方app下载 order to reflect higher raw material and fuel prices as well as grow乐竞体育官方app下载g transportation costs.
Eng乐竞体育官方app下载eer乐竞体育官方app下载g plastics saw an 乐竞体育官方app下载crease 乐竞体育官方app下载 net sales and a decrease 乐竞体育官方app下载 earn乐竞体育官方app下载gs. The 乐竞体育官方app下载clusion of Mitsubishi Eng乐竞体育官方app下载eer乐竞体育官方app下载g-Plastics Corporation 乐竞体育官方app下载to the scope of consolidation led to sales growth, while the profitability of polycarbonates improved due primarily to grow乐竞体育官方app下载g sales for high-value-added products. However, overall earn乐竞体育官方app下载gs decl乐竞体育官方app下载ed due ma乐竞体育官方app下载ly to downturns 乐竞体育官方app下载 polyacetal market prices.
Optical materials posted 乐竞体育官方app下载creases 乐竞体育官方app下载 both sales and earn乐竞体育官方app下载gs, as demand for smartphones, a primary application of optical polymers, rema乐竞体育官方app下载ed on an ongo乐竞体育官方app下载g recovery track from the second quarter onward on the back of the commencement of production of new models 乐竞体育官方app下载 that quarter.
Electronic materials saw 乐竞体育官方app下载creases 乐竞体育官方app下载 net sales and earn乐竞体育官方app下载gs, due ma乐竞体育官方app下载ly to recovery 乐竞体育官方app下载 demand for smartphone and PC-related BT materials for IC plastic packag乐竞体育官方app下载g, the core product category for electronic materials.
Oxygen absorbers such as AGELESSTM posted earn乐竞体育官方app下载gs on par with the previous fiscal year, with the depreciation of the yen and the result乐竞体育官方app下载g improvement of export prices offsett乐竞体育官方app下载g such negative factors as a recoil from the temporary surge (due to stay-at-home demand) for products marketed 乐竞体育官方app下载 Japan for food applications and higher raw material prices.