MEIKO CONSTRUCTION CO.,LTD., First Half Ordinary Profit Increases by 34%, July-September Ordinary Profit Increases by 91%

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Wed Oct 30, 2024 4:00 pm JST Earnings

1869 MEIKO CONSTRUCTION CO.,LTD. 【J-GAAP】

Earnings Report

MEIKO CONSTRUCTION CO.,LTD. <1869> [NSE-M] announced its financial results after the market closed on October 30th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 3.02 billion yen, an increase of 34.2% compared to the same period last year. The progress rate against the 5.4 billion yen full-year plan was 56.0%, also surpassing the five-year average of 41.4%.

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 drop by 33.4% from the same period last year to 2.37 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 91.0% from the same period last year, reaching 2.3 billion yen. The operating profit margin significantly improved from 5.7% in the same period last year to 10.5%.

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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	36,761	2,415	2,630	1,862	73.8	39.2	Nov 2, 2022	J-GAAP
Apr - Sep, 2023	40,029	1,984	2,252	1,555	61.6	38.7	Nov 2, 2023	J-GAAP
Apr - Sep, 2024	40,305	2,720	3,023	2,053	81.4	56.0	Oct 30, 2024	J-GAAP
YoY	+0.7%	+37.1%	+34.2%	+32.0%	+32.1%

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	40,305	2,720	3,023	2,053	81.3	18	Oct 28, 2024	J-GAAP
Apr - Sep, 2024 Results	40,305	2,720	3,023	2,053	81.4	18	Oct 30, 2024	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	0.0%	+0.0%

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	46,189	3,386	3,568	2,473	98.0	19	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	51,195	2,280	2,377	1,747	69.2	18	Oct 28, 2024	J-GAAP
YoY	+10.8%	-32.7%	-33.4%	-29.4%	-29.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	84,185	6,331	6,704	4,657	184.5	34	May 11, 2023	J-GAAP
Mar, 2024	86,218	5,370	5,820	4,028	159.6	36	May 9, 2024	J-GAAP
Mar, 2025 Guidance	91,500	5,000	5,400	3,800	150.5	36	May 9, 2024	J-GAAP
YoY	+6.1%	-6.9%	-7.2%	-5.7%	-5.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	20,884	1,193	1,207	843	33.4	5.7	Nov 2, 2023	J-GAAP
Oct - Dec, 2023	23,727	1,978	2,113	1,426	56.5	8.3	Jan 29, 2024	J-GAAP
Jan - Mar, 2024	22,462	1,408	1,455	1,047	41.5	6.3	May 9, 2024	J-GAAP
Apr - Jun, 2024	18,374	426	718	469	18.6	2.3	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	21,931	2,294	2,305	1,584	62.8	10.5	Oct 30, 2024	J-GAAP
YoY	+5.0%	+92.3%	+91.0%	+87.9%	+88.0%