Azuma Shipping Co.,Ltd., First Half Ordinary Profit Increases by 46%

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Wed Oct 30, 2024 3:00 pm JST Earnings

9380 Azuma Shipping Co.,Ltd. 【J-GAAP】

Earnings Report

Azuma Shipping Co.,Ltd. <9380> [TSE-S] announced its financial results after the market closed on October 30th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 332 million yen, an increase of 45.6% compared to the same period last year. However, The progress rate against the 765 million yen full-year plan was 43.4%, also falling below the five-year average of 66.9%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the October to March period (second half) is expected to turn into a profit of 433 million yen (compared to a loss of 76 million yen in the same period last year).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit surged to 2.3 times that of the same period last year, reaching 164 million yen. The operating profit margin improved from 0.5% in the same period last year to 1.8%.

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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	21,151	385	555	378	13.6	59.0	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	19,923	82	228	122	4.4	150.0	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	19,688	283	332	248	8.9	43.4	Oct 30, 2024	J-GAAP
YoY	-1.2%	+245.1%	+45.6%	+103.3%	+102.0%

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	20,528	291	371	204	7.3	3	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	19,688	283	332	248	8.9	3	Oct 30, 2024	J-GAAP
Revision Rate	-4.1%	-2.7%	-10.5%	+21.6%	+21.8%

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	19,823	206	-76	195	7.0	4	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	21,877	359	433	324	11.5	4	Oct 30, 2024	J-GAAP
YoY	+10.4%	+74.3%	－	+66.2%	+65.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	41,467	666	941	197	7.1	7	May 15, 2023	J-GAAP
Mar, 2024	39,746	288	152	317	11.4	7	May 15, 2024	J-GAAP
Mar, 2025 Guidance	41,565	642	765	572	20.4	7	May 15, 2024	J-GAAP
YoY	+4.6%	+122.9%	+403.3%	+80.4%	+79.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	9,940	45	71	35	1.3	0.5	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	10,392	150	173	85	3.1	1.4	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	9,431	56	-249	110	3.9	0.6	May 15, 2024	J-GAAP
Apr - Jun, 2024	9,832	101	168	63	2.3	1.0	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	9,856	182	164	185	6.6	1.8	Oct 30, 2024	J-GAAP
YoY	-0.8%	+304.4%	+131.0%	+428.6%	+426.2%