ORIENTAL LAND CO.,LTD., First Half Ordinary Profit Decreases by 18%, July-September Ordinary Profit Decreases by 23%

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Wed Oct 30, 2024 4:00 pm JST Earnings

4661 ORIENTAL LAND CO.,LTD. 【J-GAAP】

Earnings Report

ORIENTAL LAND CO.,LTD. <4661> [TSE-P] 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) decreased by 17.7% from the same period last year to 63.9 billion yen. The progress rate against the 171 billion yen full-year plan was 37.2%, also falling below the five-year average of 48.2%.

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 grow by 22.1% from the same period last year, reaching 107 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 29.9 billion yen, a 22.7% decrease compared to the same period last year. The operating profit margin decreased from 26.7% in the same period last year to 20.1%.

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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	204,043	37,993	38,584	26,459	16.2	34.5	Oct 27, 2022	J-GAAP
Apr - Sep, 2023	284,330	77,071	77,745	54,549	33.3	46.8	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	297,267	63,198	63,972	45,523	27.8	37.2	Oct 30, 2024	J-GAAP
YoY	+4.5%	-18.0%	-17.7%	-16.5%	-16.6%

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	314,966	69,249	70,455	48,424	29.6	7	Apr 26, 2024	J-GAAP
Apr - Sep, 2024 Results	297,267	63,198	63,972	45,523	27.8	7	Oct 30, 2024	J-GAAP
Revision Rate	-5.6%	-8.7%	-9.2%	-6.0%	-6.0%

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	334,163	88,366	88,260	65,676	40.1	8	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	387,497	106,802	107,777	74,994	45.8	7	Oct 30, 2024	J-GAAP
YoY	+16.0%	+20.9%	+22.1%	+14.2%	+14.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	483,123	111,199	111,789	80,734	49.3	8	Apr 27, 2023	J-GAAP
Mar, 2024	618,493	165,437	166,005	120,225	73.4	13	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	684,764	170,000	171,749	120,517	73.6	14	Apr 26, 2024	J-GAAP
YoY	+10.7%	+2.8%	+3.5%	+0.2%	+0.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	143,726	38,391	38,687	27,110	16.6	26.7	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	181,946	64,596	64,754	45,282	27.6	35.5	Jan 30, 2024	J-GAAP
Jan - Mar, 2024	152,217	23,770	23,506	20,394	12.5	15.6	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	148,421	33,336	34,058	24,451	14.9	22.5	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	148,846	29,862	29,914	21,072	12.9	20.1	Oct 30, 2024	J-GAAP
YoY	+3.6%	-22.2%	-22.7%	-22.3%	-22.3%