Ichikoh Industries posts strong profit growth despite sales decline

Ichikoh Industries reported a 6.4% year-on-year decline in net sales to 86,141 million yen for the nine months ended September 30, 2025. Despite this, operating profit surged by 72.7% to 3,739 million yen, while ordinary profit increased by 48.1% to 4,982 million yen. Profit attributable to owners of parent rose 52.6% to 3,873 million yen, even with 456 million yen in business restructuring expenses. The company attributes the profit growth to new product mold revenues, price pass-through, defect rate improvements, and increased productivity.

Total assets decreased by 8,726 million yen to 121,363 million yen compared to the previous fiscal year-end, primarily due to an 8,812 million yen reduction in current assets. However, net assets saw a 2,294 million yen increase to 73,246 million yen, raising the capital adequacy ratio to 59.6% from 53.8%. The company’s full-year forecast for 2025 remains unchanged, projecting net sales of 121,000 million yen and profit attributable to owners of parent of 3,900 million yen.

The company's business segments have been streamlined to a single "Automotive Parts Business" segment, reflecting a strategic shift towards lighting and an earlier divestiture of PIAA Corporation. This change ensures that segment reporting more accurately reflects the company's current operational structure and resource allocation.