OSG CORPORATION CO.,LTD., First Half Ordinary Profit Revised Downward to an Unexpected 18%Decrease

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Tue Sep 10, 2024 3:30 pm JST Earnings

6757 OSG CORPORATION CO.,LTD. 【J-GAAP】

Earnings Report

OSG CORPORATION CO.,LTD. <6757> [TSE-S] announced its financial results after the market closed on September 10th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending January 2025 (February to July) decreased by 17.8% from the same period last year to 162 million yen, resulting in a decrease in profits compared to the previous forecast of a 52.3% increase.

This progress accounts for 27.0% of the full-year plan of 600 million yen, also falling below the five-year average of 58.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the August to January period (second half) is expected to surge by 2.8 times that of the same period last year, reaching 438 million yen.

In the most recent three-month period, from May to July (2Q), the consolidated ordinary profit decreased to 147 million yen, a 16.9% decrease compared to the same period last year. The operating profit margin worsened from 8.2% in the same period last year to 6.7%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Feb - Jul, 2022	4,146	278	307	170	32.8	68.7	Sep 9, 2022	J-GAAP
Feb - Jul, 2023	3,953	173	197	112	21.6	56.1	Sep 8, 2023	J-GAAP
Feb - Jul, 2024	4,084	160	162	104	20.1	27.0	Sep 10, 2024	J-GAAP
YoY	+3.3%	-7.5%	-17.8%	-7.1%	-7.2%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb - Jul, 2024 Guidance	4,210	300	300	180	34.7	0	Mar 15, 2024	J-GAAP
Feb - Jul, 2024 Results	4,084	160	162	104	20.1	0	Sep 10, 2024	J-GAAP
Revision Rate	-3.0%	-46.7%	-46.0%	-42.2%	-42.1%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug - Jan, 2023	3,943	138	154	-63	-12.3	40	Mar 15, 2024	J-GAAP
Aug - Jan, 2024 Guidance	4,516	440	438	246	47.4	40	Sep 10, 2024	J-GAAP
YoY	+14.5%	+218.8%	+184.4%	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan, 2023	8,126	397	447	198	38.1	40	Mar 10, 2023	J-GAAP
Jan, 2024	7,896	311	351	49	9.6	40	Mar 15, 2024	J-GAAP
Jan, 2025 Guidance	8,600	600	600	350	67.4	40	Mar 15, 2024	J-GAAP
YoY	+8.9%	+92.9%	+70.9%	+614.3%	+605.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
May - Jul, 2023	2,107	173	177	101	19.5	8.2	Sep 8, 2023	J-GAAP
Aug - Oct, 2023	1,933	4	6	-20	-3.9	0.2	Dec 8, 2023	J-GAAP
Nov - Jan, 2023	2,010	134	148	-43	-8.4	6.7	Mar 15, 2024	J-GAAP
Feb - Apr, 2024	1,921	14	15	12	2.4	0.7	Jun 11, 2024	J-GAAP
May - Jul, 2024	2,163	146	147	92	17.8	6.7	Sep 10, 2024	J-GAAP
YoY	+2.7%	-15.6%	-16.9%	-8.9%	-9.0%