SEKICHU CO.,LTD., First Half Ordinary Profit Decreases by 29%, June-Augus Ordinary Profit Decreases by 34%

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Wed Sep 25, 2024 4:00 pm JST Earnings

9976 SEKICHU CO.,LTD. 【J-GAAP】

Earnings Report

SEKICHU CO.,LTD. <9976> [TSE-S] announced its financial results after the market closed on September 25th (16:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending February 2025 (March to August) decreased by 29.1% from the same period last year to 453 million yen. This progress accounts for 82.4% of the full-year plan of 550 million yen, below the five-year average of 91.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the September to February period (second half) is expected to drop by 38.2% from the same period last year to 97 million yen.

In the most recent three-month period, from June to August (2Q), the ordinary profit dropped to 170 million yen, a 33.9% decrease compared to the same period last year. The operating profit margin worsened from 3.1% in the same period last year to 1.9%.

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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
Mar - Aug, 2022	15,557	758	793	528	98.0	98.3	Sep 29, 2022	J-GAAP
Mar - Aug, 2023	15,391	606	639	441	82.0	80.3	Sep 28, 2023	J-GAAP
Mar - Aug, 2024	15,653	426	453	351	65.3	82.4	Sep 25, 2024	J-GAAP
YoY	+1.7%	-29.7%	-29.1%	-20.4%	-20.4%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar - Aug, 2024 Guidance	15,500	450	500	350	65.0	0	Mar 28, 2024	J-GAAP
Mar - Aug, 2024 Results	15,653	426	453	351	65.3	0	Sep 25, 2024	J-GAAP
Revision Rate	+1.0%	-5.3%	-9.4%	+0.3%	+0.5%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2023	14,990	124	157	69	12.8	30	Mar 28, 2024	J-GAAP
Sep - Feb, 2024 Guidance	14,347	74	97	-1	-0.2	20	Sep 25, 2024	J-GAAP
YoY	-4.3%	-40.3%	-38.2%	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	30,943	751	807	477	88.7	30	Mar 30, 2023	J-GAAP
Feb, 2024	30,381	730	796	510	94.9	30	Mar 28, 2024	J-GAAP
Feb, 2025 Guidance	30,000	500	550	350	65.0	20	Mar 28, 2024	J-GAAP
YoY	-1.3%	-31.5%	-30.9%	-31.4%	-31.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	7,762	239	257	172	32.0	3.1	Sep 28, 2023	J-GAAP
Sep - Nov, 2023	7,254	74	89	59	11.0	1.0	Dec 28, 2023	J-GAAP
Dec - Feb, 2023	7,736	50	68	10	1.9	0.6	Mar 28, 2024	J-GAAP
Mar - May, 2024	7,784	275	283	200	37.2	3.5	Jun 26, 2024	J-GAAP
Jun - Aug, 2024	7,869	151	170	151	28.1	1.9	Sep 25, 2024	J-GAAP
YoY	+1.4%	-36.8%	-33.9%	-12.2%	-12.2%