Commencing from the beginning of its fiscal year ending March 31, 2019 ("FY19"), Kyocera has adopted the International Financial Reporting Standards ("IFRS") in lieu of the Generally Accepted Accounting Principles of the United States of America ("U.S.GAAP"). In addition, financial figures appearing herein for the three months ended June 30, 2017 ("FY18 1Q") and the year ended March 31, 2018 ("FY18") have been reclassified in accordance with IFRS for the purpose of comparative analysis.
Sales in FY19 1Q increased due to solid demand in the Electronic Devices Group and the Industrial & Automotive Components Group coupled with contributions from merger and acquisition activities conducted in FY18. Sales in the Document Solutions Group also increased on the back of aggressive sales promotion activities. As a result, sales revenue for FY19 1Q increased by 12.3% compared with FY18 1Q, marking a record high for first quarter sales.
Profits increased compared with FY18 1Q reflecting the sales growth and efforts to reduce costs. Operating profit increased by 18.7%, profit before income taxes increased by 12.4%, and profit attributable to owners of the parent increased by 20.7% compared with FY18 1Q.
From the three months ending September 30, 2018 ("FY19 2Q") onward, Kyocera forecasts increased sales due to an expected increase in demand for components used in the automotive-related market and the industrial machinery market, and to further sales promotion activities in the Document Solutions Group. In light of this market outlook, Kyocera has not made any changes to its sales revenue and profit forecasts for FY19 announced on April 26, 2018.