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Overview of Consolidated Financial Results for the First Quarter of Fiscal Year Ending March 31, 2018

Sales for the first quarter of the consolidated fiscal year under review grew to •12,324 million (up 18.7% year on year), reflecting year-on-year increases in all segments. In terms of operating income, the vehicle communication equipment segment recorded a loss, but the two segments of circuit testing connectors and personal communication equipment recorded substantial increases in profit. As a result, overall operating income grew to •617 million (up 14.5% year on year). Ordinary income was •686 million year on year (up 265.0% year on year), due in part to a tax refund in China. Profit attributable to owners of parent rose sharply from a year earlier, to •524 million (profit of •43 million yen in the same period of the previous year), due to increased ordinary income and a normalized tax burden rate.

Overview of Sales by Product

The profit and loss measurement method applicable to the reporting segments was changed, effective from the consolidated first quarter under review. In the following year-on-year comparison, the figures for the same period of the previous fiscal year are reclassified in accordance with the change to the measurement method.

Vehicle Communication Equipment

In the vehicle market, a key market for this segment, there have been signs of a recovery in ASEAN countries. There has been a slowdown in growth in the Chinese market however, echoed by other shifts such as a decline in the US market. In Japan, new vehicle sales have increased year on year, due to a steady rise in the number of registered vehicles and an upturn in sales of light vehicles.
In this environment, sales of mainstay products such as shark fin antennas, micro antennas and other antennas for car manufacturers were up on the previous year due to sales growth both in Japan and overseas. In terms of key domestic products meanwhile, sales of film antennas were up year on year, while sales of ETC antennas were down due to a decline in extraordinary demand for ETC 2.0-compatible antenna products.
As a result, sales for this segment grew to •8,554 million (up 14.0% year on year) from a year earlier. In terms of profit, the segment recorded a loss of •134 million (profit of •224 million in the same period of the previous year) due to increased labor costs for pay raises in China for securing and improving the retention rate of production personnel and significantly increased transport costs due to the frequent use of airfreight resulting from decreased productivity due to the increased ratio of newly-hired employees and delayed purchases of parts.

Circuit Testing Connector

In the market for semiconductor testing systems, a key market for this segment, there was sluggish demand for PCs and declining demand for tablet PCs, as well as concerns over growth in products for smartphones. The market is expected to continue to grow on an overall basis however, due to increased demand for NAND, DRAM, and other memory products.
In this environment, sales of BGA sockets and other jigs for semiconductor back-end testing, which comprise the Groupís mainstay products, were up significantly on the previous year due to strong surge in orders and the effects of the weak yen. Sales of jigs for semiconductor front-end testing, for which high-frequency electronic component testing MEMS probe cards form a strategic centerpiece, were also up year on year, due to active sales promotion.
As a result, sales in this segment grew significantly from a year earlier, to •2,248 million (up 28.7% year on year). Net income from this segment was 443 million (up 85.2% year on year) due to increased sales as well as increased ratio of Malaysian plant production.

Personal Communication Equipment

The mobile device and POS terminal markets are the principal markets for this segment. In the mobile device market, growth is slowing for smartphones and tablets due to the trend towards worldwide saturation. POS terminals on the other hand are increasingly used in a wide range of industries, including physical distribution and manufacturing. The market for POS terminals is therefore expected to expand steadily, as devices become more diverse and offer more advanced functionality.
In this environment, sales rose from the same period the previous fiscal year in the fine connector business, with fine spring connectors as the companyís core products. This was due to strong sales of products for POS terminal manufacturers, and an underlying recovery in products for mobile device manufacturers, thanks to an increase in orders.
In the medical device business, which also forms part of this segment, sales grew year on year due to factors such as stepping up sales of guide wire units to overseas customers.
As a result, sales in this segment grew significantly from a year earlier, to •1,521 million (up 34.6% year on year). Net income from this segment was •309 million (up 431.8% year on year) due to increased sales and the increased sales ratio of products with relatively high profit ratios.

Sales Unit: million yen
Operating Income Unit: million yen
Ordinary Income Unit: million yen
Profit (Loss) Attributable to Owners of Parent Unit: million yen
Net Income per Share Unit: yen
  3/15 3/16 3/17 3/18*
Sales(million yen) Whole fiscal year 34,414 39,998 44,077 48,000
1Q 7,965 9,257 10,383 12,324
Operating Income(million yen) Whole fiscal year 871 1,057 2,516 2,850
1Q 226 117 539 617
Ordinary Income(million yen) Whole fiscal year 1,713 822 2,608 2,400
1Q 166 263 188 686
Profit (Loss) Attributable to Owners of Parent (million yen) Whole fiscal year 1,609 412 2,381 1,550
1Q 143 229 43 524
Net Income per Share(yen) Whole fiscal year 80.44 20.61 118.94 76.86
1Q 7.17 11.49 2.16 26.01
*Numbers for the full year of the term ending March 2018 are forecasts announced on August 4, 2017.