TSI HOLDINGS CO., LTD., First Half Ordinary Profit Turns to Loss

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Fri Oct 11, 2024 3:00 pm JST Earnings

3608 TSI HOLDINGS CO., LTD. 【J-GAAP】

Earnings Report

TSI HOLDINGS CO., LTD. <3608> [TSE-P] announced its financial results after the market closed on October 11th (15:00). The consolidated ordinary profit/loss for the cumulative second quarter of the fiscal year ending February 2025 (March to August) turned into a loss of 167 million yen (compared to a profit of 1.6 billion yen in the same period last year), further increasing the deficit beyond the forecast of a loss of 75 million yen

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 September to February period (second half) is expected to grow by 24.0% from the same period last year, reaching 2.66 billion yen.

In the most recent three-month period, from June to August (2Q), the consolidated ordinary loss expanded to a loss of 1.27 billion yen (compared to a loss of 817 million yen in the same period last year). However, the operating profit/loss margin improved from -3.8% in the same period last year to -3.4%.

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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	72,087	588	1,892	2,249	25.4	49.0	Oct 12, 2022	J-GAAP
Mar - Aug, 2023	73,278	532	1,608	1,472	17.7	42.8	Oct 13, 2023	J-GAAP
Mar - Aug, 2024	75,230	-221	-167	-791	-10.7	ー	Oct 11, 2024	J-GAAP
YoY	+2.7%	－	－	－	－

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	75,200	-170	-75	-900	-12.5	0	Sep 25, 2024	J-GAAP
Mar - Aug, 2024 Results	75,230	-221	-167	-791	-10.7	0	Oct 11, 2024	J-GAAP
Revision Rate	+0.0%	-30.0%	-122.7%	+12.1%	+14.4%

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	82,105	1,228	2,150	3,377	41.8	15	Apr 12, 2024	J-GAAP
Sep - Feb, 2024 Guidance	84,770	2,221	2,667	4,791	67.6	19	Oct 11, 2024	J-GAAP
YoY	+3.2%	+80.9%	+24.0%	+41.9%	+61.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	154,456	2,329	3,859	3,063	35.2	10	Apr 12, 2023	J-GAAP
Feb, 2024	155,383	1,760	3,758	4,849	60.0	15	Apr 12, 2024	J-GAAP
Feb, 2025 Guidance	160,000	2,000	2,500	4,000	56.5	19	Apr 12, 2024	J-GAAP
YoY	+3.0%	+13.6%	-33.5%	-17.5%	-5.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	33,906	-1,304	-817	-516	-6.2	-3.8	Oct 13, 2023	J-GAAP
Sep - Nov, 2023	41,579	1,691	2,037	1,818	22.1	4.1	Jan 12, 2024	J-GAAP
Dec - Feb, 2023	40,526	-463	113	1,559	19.3	-1.1	Apr 12, 2024	J-GAAP
Mar - May, 2024	39,295	1,018	1,108	546	7.3	2.6	Jul 12, 2024	J-GAAP
Jun - Aug, 2024	35,935	-1,239	-1,275	-1,337	-18.1	-3.4	Oct 11, 2024	J-GAAP
YoY	+6.0%	+5.0%	-56.1%	-159.1%	-190.7%