08.11.23
DIC Corporation reported its consolidated financial results for the six months ended June 30, 2023. In the six months ended June 30, 2023, DIC Corporation’s consolidated net sales declined 1.2%, to ¥515.3 billion ($3.56 billion). Operating income fell 58.4%, to ¥10 billion ($69 million).
“In the six months ended June 30, 2023, consolidated net sales edged down 1.2%, to ¥515.3 billion,” DIC reported. “Uncertainties persisted in the global economy, owing to such factors as the continued pursuit of inflation-curbing monetary policies in the United States and Europe, the protracted crisis in Ukraine and a delay in economic recovery in the People’s Republic of China (PRC) following the lifting of stringent anti-COVID-19 measures, while concerns regarding interest rates and an economic slowdown inhibited demand and spurred efforts to curtail inventories in multiple industries.”
Packaging & Graphic segment sales increased 3.5%, to ¥266.6 billion ($1.84 billion). DIC reported that shipments of packaging inks declined in all regions, owing to rising consumer prices, but sales were essentially level due to efforts to maintain sales prices. Publication ink sales were down as a result of declining demand and price competition in the Americas and Europe, as well as in Asia. Sales of jet inks were pushed down by a decline in overall demand, a consequence of efforts to curb inventories. Segment operating income increased 7.7%, to ¥8.3 billion ($57 million).
Color & Display segment sales dropped 12%, to ¥117.8 billion ($815 million). DIC reported that shipments of pigments for coatings and plastics were down overall due to falling demand and moves by customers to curtail inventories, both consequences of slowing economic growth in Europe. The segment reported an operating loss of ¥0.1 billion ($6.9 million).
“In the six months ended June 30, 2023, consolidated net sales edged down 1.2%, to ¥515.3 billion,” DIC reported. “Uncertainties persisted in the global economy, owing to such factors as the continued pursuit of inflation-curbing monetary policies in the United States and Europe, the protracted crisis in Ukraine and a delay in economic recovery in the People’s Republic of China (PRC) following the lifting of stringent anti-COVID-19 measures, while concerns regarding interest rates and an economic slowdown inhibited demand and spurred efforts to curtail inventories in multiple industries.”
Packaging & Graphic segment sales increased 3.5%, to ¥266.6 billion ($1.84 billion). DIC reported that shipments of packaging inks declined in all regions, owing to rising consumer prices, but sales were essentially level due to efforts to maintain sales prices. Publication ink sales were down as a result of declining demand and price competition in the Americas and Europe, as well as in Asia. Sales of jet inks were pushed down by a decline in overall demand, a consequence of efforts to curb inventories. Segment operating income increased 7.7%, to ¥8.3 billion ($57 million).
Color & Display segment sales dropped 12%, to ¥117.8 billion ($815 million). DIC reported that shipments of pigments for coatings and plastics were down overall due to falling demand and moves by customers to curtail inventories, both consequences of slowing economic growth in Europe. The segment reported an operating loss of ¥0.1 billion ($6.9 million).