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Consolidated net sales up 4% YoY in Q2 2017 for Meitec

Meitec has released its results for the second quarter of 2017.

During the six months from 1st April 2017 to 30th September 2017, many leading manufacturers, which are the major clients of the company, continued steady investment in technological development looking to the next generation regardless of business conditions. Amid a firm order environment, the number of engineers assigned to clients steadily increased. This was mainly due to assignment of 521 newly graduated engineers who joined the company in April 2017 (MT: 308, MF: 213) to clients proceeding steadily.

As a result, although sales were negatively impacted by about ¥800m in the six months under review due to the sale of the subsidiary APOLLO GIKEN CO., LTD. conducted in the previous fiscal year, consolidated net sales for the period under review increased ¥1,756m, or 4.0%, from a year earlier to ¥45,867m. Consolidated cost of sales rose ¥1,187m, or 3.6%, from a year earlier to ¥34,049m, chiefly because of higher labour costs due to an increase in the number of engineers.

Consolidated selling, general and administrative expenses rose ¥196m, or 3.2%, from a year earlier to ¥6,375m. As a result, consolidated operating profit increased ¥371m, or 7.3%, from a year earlier to ¥5,442m, and consolidated ordinary profit rose ¥372m, or 7.3%, from a year earlier to ¥5,447m. Profit attributable to owners of parent increased ¥59m, or 1.7%, from a year earlier to ¥3,526m.

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