On November 9, 2023 Kureha Corporation reported its Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024 (From April 1, 2023 to September 30, 2023) (Press release, Kureha Corporation, NOV 9, 2023, View Source [SID1234637728]).

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(1) Overview of Operating Results for the Period under Review
During the first six months of the fiscal year ending March 31, 2024, as the impact of the COVID-19 pandemic wanes, the Japanese and global economies continued to show signs of normalization of socioeconomic activity and are expected to continue their gradual recovery. Nevertheless, the outlook remains uncertain due to concerns over the effects of global monetary tightening, a slowdown of the Chinese economy, and the protracted conflict in Ukraine.

Under these circumstances, the Kureha Group, to fulfill our dual goals of "improving medium- to long-term corporate value" and "contributing toward a sustainable society," and to achieve further growth of the Kureha Group by promoting sustainability-focused management, has newly established the Kureha Group Corporate Philosophy and the Kureha Vision. At the same time, looking toward FY2030, we formulated our Management Policy and the Mid- to Long-term Management Plan "Toward Creating a New Future."

In the first six months of the fiscal year, the Group’s revenue and profits decreased year on year as sales of polyvinylidene fluoride (PVDF), used as a binder material for lithium-ion secondary batteries, declined in the Advanced Materials segment.

Revenue was 88,490 million yen (down 13.0% year on year), operating profit was 9,148 million yen (down 45.3% year on year), profit before income taxes was 9,859 million yen (down 43.3% year on year), net profit was 6,828 million yen (down 44.4% year on year), and profit attributable to owners of the Company was 6,797 million yen (down 44.2% year on year).