More work, thinner margins
Miki Kogyo Co., Ltd. (TSE: 1718) reported consolidated results for the first nine months of FY12/2026, January 1 to September 30, 2026, on October 26, 2026 under Japanese GAAP. Net sales rose 5.4% to ¥28,842 million, mainly because construction carried over from the end of last year progressed smoothly. Rising construction costs and higher personnel expenses following a revision of the parent's HR system cut operating profit 29.6% to ¥1,458 million and ordinary profit 30.4% to ¥1,421 million. Net profit attributable to owners of the parent fell 26.8% to ¥925 million, cushioned by a gain on the sale of rental property.
Construction grows, housing slows
The construction segment grew sales 12.7% to ¥19,033 million, but higher material prices and personnel costs cut segment operating profit 28.8% to ¥1,085 million. The housing segment, run by subsidiary Sekisui Heim Sanyo, saw sales fall 6.4% to ¥9,631 million and profit 31.6% to ¥364 million, because the same period last year included more home handovers from newly sold residential lots. A small other segment had sales of ¥177 million.
Balance sheet, stock split and outlook
Total assets fell 8.5% to ¥35,585 million as construction receivables were collected, and the company used the surplus cash to repay short-term and current long-term borrowings, lowering liabilities to ¥15,560 million from ¥19,350 million. Net assets rose 2.5% to ¥20,024 million. The company carried out a three-for-one stock split on October 1, 2026; per-share figures are restated as if the split had taken place at the start of last year. It said results were broadly in line with expectations and left unchanged the full-year forecast published on February 13.
| Metric | 9M FY12/2026 | 9M FY12/2025 | Change |
|---|---|---|---|
| Net sales (¥ million) | 28,842 | 27,365 | +5.4% |
| Operating profit (¥ million) | 1,458 | 2,071 | −29.6% |
| Ordinary profit (¥ million) | 1,421 | 2,044 | −30.4% |
| Net profit attrib. to owners of parent (¥ million) | 925 | 1,263 | −26.8% |
| EPS (¥) | 286.22 | 385.45 | −25.7% |
| Construction — revenue (¥ million) | 19,033 | 16,887 | +12.7% |
| Construction — segment profit (¥ million) | 1,085 | 1,524 | −28.8% |
| Housing — revenue (¥ million) | 9,631 | 10,292 | −6.4% |
| Housing — segment profit (¥ million) | 364 | 532 | −31.6% |
| Total assets (¥ million) | 35,585 | 38,882 | −8.5% |
| Net assets (¥ million) | 20,024 | 19,532 | +2.5% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.