On November 9, 2022 Kureha Corporation reported that FY2022 Interim Report (Press release, Kureha Corporation, NOV 9, 2022, View Source [SID1234623645])
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FY2022 Overview Revenue and profit growth continues, absorbing impact of inflation and higher expenses ✓ Delivered half-year operating profit of ¥16.7bn, a 47% increase from a year ago, 29% above most recent forecast ✓ Full-year operating profit expected to reach ¥27.0bn (up 34% YoY; up 23% vs. initial forecast) 1Q-2Q FY22 business conditions
• Increased costs for coal (used at the Iwaki Factory) and basic chemicals (naphtha, benzene, VC monomers, etc.)
• Rising Inflation around the world, rapidly depreciating Japanese yen
• Continued market expansion for electric vehicles, partially offset by semiconductor shortages
• Strong agrochemicals demand propelled by increased farming activities and higher crop prices
• Limited impact of China’s lockdowns on our local PVDF manufacturing operations AM: Sales increased across all product groups, including advanced plastics, carbon products and other resin products; higher profit primarily driven by PVDF SC: Sales expansion for agrochemicals and industrial chemicals; higher profit led primarily by agrochemicals SP: Slower home products sales partially offset by the expansion of packaging materials CO: Fewer private construction projects; public construction remained on par with prior year OO: Fewer industrial waste treatment volumes, including low-level PCB wastesI.
FY2022 Half-Year (2Q) Results (April 1, 2022 through September 30, 2022)
Revenue increased with sales expansion of advanced plastics, particularly PVDF used as a binder material for lithium-ion batteries, and higher agrochemicals volumes resulting from front-loaded shipments
• Higher operating profit led by advanced plastics and agrochemicals
• Better-than-expected performances in advanced plastics, agrochemicals and home products