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Kyocera Corp. recently issued its third quarterly announcement of consolidated financial results for the fiscal year ending March 31, 2013. Despite continued harsh conditions in the overall business environment, the company recorded increased sales in its semiconductor components and applied ceramic products segments during the period, compared with the nine months ended December 31, 2011. In addition, new wholly owned subsidiaries acquired during the fourth quarter of the year ended March 31, 2012, reportedly contributed to the company’s net sales throughout the period.
However, profit decreased compared with the previous period, due primarily to a ¥21,300 million ($266 million) charge recorded at AVX Corp., a U.S.-based subsidiary, for environmental remediation in New Bedford Harbor, Mass., coupled with price erosion in the electronic components market and the impact of currency fluctuations. As a result, compared with the previous period, consolidated net sales increased by 4.6% to ¥926,524 million ($10,650 million), while profit from operations decreased by 42% to ¥51,234 million ($589 million). Income before income taxes decreased 32.9% to ¥68,882 million ($792 million), and net income attributable to shareholders of Kyocera Corp. decreased by 37.6% to ¥44,970 million ($517 million).
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