REG - Maruwa Co Ld - 1st Quarter Results
24/07/2025 07:00
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RNS Number : 3969S Maruwa Co Ld 24 July 2025
DISCLAIMER: This document has been translated from a part of the Japanese
original for reference purposes only. In the event of any discrepancy between
this translated document and the Japanese original, the original shall
prevail.
July 24, 2025
Consolidated Financial Results for the First Quarter of Fiscal Year 2025
Company name: MARUWA CO., LTD.
Listing: Tokyo Stock Exchange /
Nagoya Stock Exchange
Securities code: 5344
URL:
https://www.maruwa-g.com/
Representative: Toshiro Kambe, Representative Director and
President
Inquiries: Daisuke Yamaguchi,
Director and Head of Administration Division
Telephone: +81-561-51-0841
Scheduled date to commence dividend
payments:
-
Preparation of supplementary material on financial
results:
Yes
Holding of financial results briefing:
Yes
(for institutional investors and analysts)
Rounded down to the nearest million yen
1. Consolidated financial results for the three months ended June 30,
2025 (from April 1, 2025 to June 30, 2025)
(1) Consolidated operating results
(cumulative)
(Percentages indicate year-on-year changes.)
Net sales Operating profit Ordinary profit Profit attributable to owners of parent
Three months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen %
June 30, 2025 17,256 6.2 6,002 6.4 5,722 (7.4) 3,878 (13.9)
June 30, 2024 16,243 27.7 5,640 59.8 6,181 49.1 4,502 58.2
Note: Comprehensive income For the three months ended June 30,
2025: \4,205
million (21.3)%
For the three months ended June 30, 2024:
\5,343 million 63.9%
Basic earnings per share Diluted earnings per share
Three months ended Yen Yen
June 30, 2025 314.31 -
June 30, 2024 364.96 -
(2) Consolidated financial position
Total assets Net assets Equity-to-asset ratio
As of Millions of yen Millions of yen %
June 30, 2025 141,281 131,474 93.1
March 31, 2025 142,285 127,854 89.9
Reference: Equity
As of June 30, 2025:
\131,474 million
As of March 31, 2025:
\127,854 million
2. Cash dividends
Annual dividends per share
First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total
Yen Yen Yen Yen Yen
Fiscal year ended - 47.00 - 47.00 94.00
March 31, 2025
Fiscal year ending -
March 31, 2026
Fiscal year ending 51.00 51.00 102.00
March 31, 2026
(Forecast)
Note: Revisions to the forecast of cash dividends most recently announced:
None
3. Forecast of consolidated financial results for the fiscal year ending March
31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share
Millions of yen % Millions of yen % Yen % Yen % Yen
Six months ending 34,900 0.2 12,800 0.1 - - - - -
September 30, 2025
Fiscal year ending 76,800 6.9 28,800 7.0 - - - - -
March 31, 2026
Note: Revisions to the earnings forecasts most recently announced: None
* Notes
(1) Significant changes in the scope of consolidation during the period:
None
(2) Adoption of accounting treatment specific to the preparation of
quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and
restatement
(i) Changes in accounting policies due to revisions to accounting
standards and other regulations: None
(ii) Changes in accounting policies due to other reasons: None
(iii) Changes in accounting estimates: None
(iv) Restatement: None
(4) Number of issued shares (common shares)
(i) Total number of issued shares at the end of the period
(including treasury shares)
As of June 30, 2025 12,372,000 shares
As of March 31, 2025 12,372,000 shares
(ii) Number of treasury shares at the end of the period
As of June 30, 2025 33,264 shares
As of March 31, 2025 32,112 shares
(iii) Average number of shares outstanding during the period (cumulative
from the beginning of the fiscal year)
Three months ended June 30, 2025 12,339,793 shares
Three months ended June 30, 2024 12,337,866 shares
* Review of the Japanese-language originals of the attached consolidated
quarterly financial statements by certified public accountants or an audit
firm:nothing
* Proper use of earnings forecasts, and other special matters
(Cautions on forward-looking statements, etc.)
The forward-looking statements, including forecasts of financial results,
contained in these materials are based on information available to the Company
and on certain assumptions deemed to be reasonable. Actual financial results
may differ from the results anticipated in the statements due to various
factors.
1. Overview of Operating Results, etc.
(1) Business Results
During the first quarter of the fiscal year ending March 31, 2026 (April 1 to
June 30, 2025), concerns over geopolitical risks persisted due to ongoing
developments in the Middle East and Ukraine, as well as the global focus on
tariff policies involving the United States and other countries. In the
high-tech market, rapid technological advancements and active investments were
observed across a wide range of fields related to generative AI.
Working within this business environment, in the semiconductor-related
business, demand for general-purpose memory remain weak, while the
tele-communication related business benefited from strong performance in
next-generation high-speed communications.
As a result, consolidated net sales for the first quarter of the fiscal year
ending March 31, 2026 increased by 6.2% year on year to 17,256 million yen,
and operating profit rose by 6.4% year on year to 6,002 million yen. These
figures represent the highest first-quarter results. Ordinary profit decreased
by 7.4% year on year to 5,722 million yen, due to the absence of the foreign
exchange gains recorded in the same period of the previous year amid a sharp
depreciation of the yen. Net profit attributable to owners of the parent
decreased by 13.9% year on year to 3,878 million yen.
Sales and profits by segment are as follows.
(Ceramic Components Business)
In the semiconductor-related business, demand for general-purpose memories
weakened, but in the tele-communication related business, performance for
next-generation, high-speed communications expanded.
As a result, net sales for the first quarter of the fiscal year ending March
31, 2026, under review increased by 6.5% year on year to 15,248 million yen,
and segment profit rose by 4.4% year on year to 6,064 million yen.
(Lighting Equipment Business)
This segment saw steady performance driven by demand for lighting equipment
for high-end new condominiums and public LED lighting installation projects,
supported by Japan's upcoming policy to phase out fluorescent lamp production
by 2027.
As a result, net sales for the first quarter of the fiscal year ending March
31, 2026, decreased by 4.4% year on year to 2,007 million yen, while segment
profit fell by 70.1% year on year to 336 million yen.
(2) Financial Conditions
(Assets)
Current assets at the end of the first quarter of the fiscal year ending March
31, 2026, totaled 95,688 million yen, a decrease of 4,601 million yen from the
end of the previous fiscal year, primarily due to a reduction in cash and
deposits. Non-current assets increased by 3,597 million yen to 45,592 million
yen, mainly due to an increase in property, plant and equipment.
As a result, total assets amounted to 141,281 million yen, a decrease of 1,003
million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities at the end of the first quarter of the fiscal year ending
March 31, 2026, decreased by 4,616 million yen to 9,316 million yen, mainly
due to a decline in income taxes payable resulting from tax payments.
Non-current liabilities decreased by 7 million yen to 490 million yen.
As a result, total liabilities decreased by 4,624 million yen to 9,806 million
yen.
(Net Assets)
Net assets at the end of the first quarter of the fiscal year ending March 31,
2026, increased by 3,620 million yen to 131,474 million yen, primarily due to
the recording of 3,878 million yen in quarterly net profit attributable to
owners of the parent.
As a result, the equity ratio was 93.1% (89.9% at the end of the previous
fiscal year).
(3) Future Outlook
Although the economic outlook continues to be uncertain, there is no change to
the consolidated earnings forecast for the fiscal year ending March 31, 2026,
as announced on April 25, 2025.
Current outlook by segment is as follows.
In the semiconductor related business, in addition to increasing demand for
generative AI applications, demand for general-purpose memory is gradually
recovering. Furthermore, differentiated high-purity SiC products for SPE are
expected to see growing demand in the second half of the fiscal year.
In the tele communication related business, strong demand for next-generation
high-speed communication is expected to continue.
In the automobile related business, inventory adjustments are underway on the
customer side, particularly for new energy vehicle. We expect a recovery in
the second half of the fiscal year, we will continue to closely monitor market
trends due to ongoing uncertainties such as geopolitical risks. In addition,
we aim to enhance profitability through the implementation of AI and robotics
in our factory operations.
In the industrial equipment related business, demand for power modules is
expected to be soft, but new medical-related products are projected to
contribute to performance.
In the lighting equipment related business, lighting for high-end condominiums
and business for public LED installations projects are expected to maintain
steady performance.
On the earnings front, we will continue to enhance profitability through
further factory automation and improved yields on new products. Regarding
profit figures below ordinary profit, it is difficult to provide forecasts at
this time due to the potential volatility caused mainly by exchange rate
fluctuations.
Despite the current global uncertainty surrounding geopolitical risks and the
economic environment, we remain committed to proactive development in ceramic
materials and new products, as well as market expansion in pursuit of our
medium-term goals, and we will continue to strengthen our business foundations
accordingly.
Quarterly consolidated balance sheet
(Millions of yen)
As of March 31, 2025 As of June 30, 2025
Assets
Current assets
Cash and deposits 71,793 69,685
Notes receivable - trade 139 84
Accounts receivable - trade 12,420 11,758
Electronically recorded monetary claims - operating 1,319 1,262
Merchandise and finished goods 2,645 2,487
Work in process 3,803 3,867
Raw materials and supplies 5,398 5,324
Other 2,832 1,267
Allowance for doubtful accounts (62) (50)
Total current assets 100,290 95,688
Non-current assets
Property, plant and equipment
Buildings and structures, net 14,996 15,277
Machinery, equipment and vehicles, net 13,039 13,182
Land 5,047 5,051
Construction in progress 5,474 8,956
Other, net 798 829
Total property, plant and equipment 39,356 43,297
Intangible assets
Other 444 445
Total intangible assets 444 445
Investments and other assets 2,194 1,850
Total non-current assets 41,995 45,592
Total assets 142,285 141,281
(Millions of yen)
As of March 31, 2025 As of June 30, 2025
Liabilities
Current liabilities
Notes and accounts payable - trade 2,965 2,481
Electronically recorded obligations - operating 840 702
Income taxes payable 4,929 1,334
Provision for bonuses 1,191 575
Provision for bonuses for directors (and other officers) 149 3
Other 3,856 4,218
Total current liabilities 13,933 9,316
Non-current liabilities
Deferred tax liabilities 131 124
Other 366 366
Total non-current liabilities 498 490
Total liabilities 14,431 9,806
Net assets
Shareholders' equity
Share capital 8,646 8,646
Capital surplus 12,103 12,103
Retained earnings 105,705 109,004
Treasury shares (198) (203)
Total shareholders' equity 126,257 129,551
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 39 83
Foreign currency translation adjustment 1,556 1,839
Total accumulated other comprehensive income 1,596 1,923
Total net assets 127,854 131,474
Total liabilities and net assets 142,285 141,281
Quarterly consolidated statement of income
(Millions of yen)
Three months ended Three months ended
June 30, 2024
June 30, 2025
Net sales 16,243 17,256
Cost of sales 7,665 8,180
Gross profit 8,578 9,075
Selling, general and administrative expenses 2,937 3,073
Operating profit 5,640 6,002
Non-operating income
Interest income 35 87
Rental income 32 33
Foreign exchange gains 472 -
Other 28 23
Total non-operating income 569 144
Non-operating expenses
Interest expenses 0 -
Foreign exchange losses - 356
Rent expenses on real estate for investments 20 13
Other 8 54
Total non-operating expenses 29 424
Ordinary profit 6,181 5,722
Extraordinary income
Gain on sale of non-current assets 0 -
Subsidy income 2,576 2
Total extraordinary income 2,576 2
Extraordinary losses
Loss on sale and retirement of non-current assets 15 0
Loss on tax purpose reduction entry of non-current assets 2,360 2
Loss on abandonment of inventories - 1
Total extraordinary losses 2,376 4
Profit before income taxes 6,381 5,720
Income taxes - current 1,653 1,414
Income taxes - deferred 224 427
Total income taxes 1,878 1,841
Profit 4,502 3,878
Profit attributable to owners of parent 4,502 3,878
Quarterly consolidated statement of comprehensive income
(Millions of yen)
Three months ended Three months ended
June 30, 2024
June 30, 2025
Profit 4,502 3,878
Other comprehensive income
Valuation difference on available-for-sale securities (4) 43
Foreign currency translation adjustment 844 283
Total other comprehensive income 840 326
Comprehensive income 5,343 4,205
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 5,343 4,205
(Notes on segment information, etc.)
Segment Information
I. the three months of the previous fiscal year (April 1, 2024 to June 30,
2024)
1. Information on sales and the amount of profit or loss for each reported
segment
(in millions of yen)
Reportable segments Adjustment amount (Note) 1 Quarterly Consolidated Statements of Income (Note)2
CERAMIC CONPONENT LIGHTING EQUIPMENT Total
Sales
Revenues from external customers 14,320 1,923 16,243 - 16,243
Transactions with other segments 0 2 3 (3) -
Total 14,320 1,926 16,246 (3) 16,243
Segment Profit 5,809 198 6,007 (366) 5,640
Note: 1. Segment profit adjustment of (366) million yen includes 17 million
yen of inter-segment transaction elimination and (383) million yen of
company-wide expenses that have not been allocated to each reporting segment.
Corporate expenses are selling, general and administrative expenses that are
primarily not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the quarterly
consolidated statements of income.
2. Information on impairment losses or goodwill on fixed assets by reporting
segment
Not applicable.
II. the three months of the current fiscal year (April 1, 2025 to June 30,
2025)
1. Information on sales and the amount of profit or loss for each reported
segment
(in millions of yen)
Reportable segments Adjustment amount (Note) 1 Quarterly Consolidated Statements of Income (Note)2
CERAMIC CONPONENT LIGHTING EQUIPMENT Total
Sales
Revenues from external customers 15,248 2,007 17,256 - 17,256
Transactions with other segments 1 0 1 (1) -
Total 15,250 2,007 17,257 (1) 17,256
Segment Profit 6,064 336 6,401 (398) 6,002
Note: 1. Segment profit adjustment of (398) million yen includes 23 million
yen of inter-segment transaction elimination and (422) million yen of
company-wide expenses that have not been allocated to each reporting segment.
Corporate expenses are selling, general and administrative expenses that are
primarily not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the quarterly
consolidated statements of income.
2. Information on impairment losses or goodwill on fixed assets by reporting
segment
Not applicable.
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