FUJI FURUKAWA ENGINEERING & CONSTRUCTION CO.LTD., First Half Ordinary Profit Increases by 52%

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Tue Oct 29, 2024 3:30 pm JST Earnings

1775 FUJI FURUKAWA ENGINEERING & CONSTRUCTION CO.LTD. 【J-GAAP】

Earnings Report

FUJI FURUKAWA ENGINEERING & CONSTRUCTION CO.LTD. <1775> [TSE-S] announced its financial results after the market closed on October 29th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 2.92 billion yen, an increase of 52.0% compared to the same period last year, exceeded the previous forecast of 2 billion yen.

The progress rate against the 8 billion yen full-year plan was 36.6%, exceeding the five-year average of 24.9%.

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 October to March period (second half) is expected to decrease by 18.2% from the same period last year to 5.07 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 1.27 billion yen, a 8.1% decrease compared to the same period last year. However, the operating profit margin improved from 5.3% in the same period last year to 6.6%.

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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
Apr - Sep, 2022	36,868	1,542	1,562	961	107.0	22.3	Oct 26, 2022	J-GAAP
Apr - Sep, 2023	44,491	1,763	1,926	1,152	128.2	23.7	Oct 26, 2023	J-GAAP
Apr - Sep, 2024	39,490	2,772	2,928	1,908	212.2	36.6	Oct 29, 2024	J-GAAP
YoY	-11.2%	+57.2%	+52.0%	+65.6%	+65.5%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	40,000	2,000	2,000	1,200	133.4	0	Apr 24, 2024	J-GAAP
Apr - Sep, 2024 Results	39,490	2,772	2,928	1,908	212.2	0	Oct 29, 2024	J-GAAP
Revision Rate	-1.3%	+38.6%	+46.4%	+59.0%	+59.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	59,158	6,116	6,203	4,261	473.9	190	Apr 24, 2024	J-GAAP
Oct - Mar, 2024 Guidance	54,510	5,228	5,072	3,292	366.1	190	Oct 29, 2024	J-GAAP
YoY	-7.9%	-14.5%	-18.2%	-22.7%	-22.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	88,109	6,926	7,014	4,536	504.4	150	Apr 25, 2023	J-GAAP
Mar, 2024	103,649	7,879	8,129	5,413	602.0	190	Apr 24, 2024	J-GAAP
Mar, 2025 Guidance	94,000	8,000	8,000	5,200	578.3	190	Apr 24, 2024	J-GAAP
YoY	-9.3%	+1.5%	-1.6%	-3.9%	-3.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	24,937	1,319	1,389	801	89.2	5.3	Oct 26, 2023	J-GAAP
Oct - Dec, 2023	25,776	1,654	1,604	1,140	126.8	6.4	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	33,382	4,462	4,599	3,121	347.1	13.4	Apr 24, 2024	J-GAAP
Apr - Jun, 2024	20,109	1,489	1,652	1,062	118.2	7.4	Jul 24, 2024	J-GAAP
Jul - Sep, 2024	19,381	1,283	1,276	846	94.1	6.6	Oct 29, 2024	J-GAAP
YoY	-22.3%	-2.7%	-8.1%	+5.6%	+5.5%