Kioxia Holdings reported net income of ¥58.9 billion ($381 million) for the six months ended September 30, marking a steep decline from the year-earlier period as weaker pricing offset gains in shipment volumes.
Revenue fell 13% to ¥791.1 billion, with the Tokyo-based memory manufacturer facing headwinds from lower average selling prices and unfavorable currency movements. Operating profit tumbled 55% to ¥130.8 billion as margin pressure intensified across the company’s product portfolio.
The results come months after Kioxia completed a $2.2 billion bond issuance in July to repurchase preferred shares from Development Bank of Japan and refinance existing loans. The company bought back 3,000 preferred shares for ¥330.4 billion and secured new unsecured loans totaling ¥657.5 billion from Sumitomo Mitsui, MUFG, Mizuho and DBJ.
Management projects third-quarter revenue between ¥500 billion and ¥550 billion, with operating profit ranging from ¥99 billion to ¥139 billion, citing sustained demand from data center customers and increased storage capacity in consumer devices.
For the September quarter specifically, revenue reached ¥448.3 billion while operating profit came in at ¥85.9 billion, showing sequential improvement from the prior three-month period.
The company’s equity ratio improved to 27.5% from 25.3% at fiscal year-end, reflecting the impact of the capital structure overhaul. The average yen-dollar exchange rate during the period was ¥146, compared with ¥154 a year earlier.
