Meiji Shipping Group Co., Ltd., First Half Ordinary Profit Revised Downward to an Unexpected 14%Decrease

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Thu Oct 31, 2024 1:00 pm JST Earnings

9115 Meiji Shipping Group Co., Ltd. 【J-GAAP】

Earnings Report

Meiji Shipping Group Co., Ltd. <9115> [TSE-S] announced its financial results in the afternoon session on October 31st (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 13.7% from the same period last year to 2.07 billion yen, resulting in a decrease in profits compared to the previous forecast of a 33.0% increase.

The progress rate against the 8 billion yen full-year plan was 26.0%, almost the same as the five-year average of 27.0%.

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 expand by 72.7% from the same period last year, reaching 5.92 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 332 million yen, a 18.2% decrease compared to the same period last year. The operating profit margin decreased from 19.2% in the same period last year to 14.3%.

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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	26,340	2,576	437	4,025	119.4	6.8	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	32,313	6,042	2,406	1,888	55.8	41.2	Oct 27, 2023	J-GAAP
Apr - Sep, 2024	32,899	5,465	2,077	775	23.0	26.0	Oct 31, 2024	J-GAAP
YoY	+1.8%	-9.5%	-13.7%	-59.0%	-58.9%

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	30,400	4,400	3,200	1,600	47.4	－	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	32,899	5,465	2,077	775	23.0	－	Oct 31, 2024	J-GAAP
Revision Rate	+8.2%	+24.2%	-35.1%	-51.6%	-51.6%

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	32,705	5,356	3,430	3,301	97.7	5	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	28,501	4,235	5,923	3,025	89.4	－	Oct 31, 2024	J-GAAP
YoY	-12.9%	-20.9%	+72.7%	-8.4%	-8.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	58,061	8,764	6,443	6,439	190.2	5	May 12, 2023	J-GAAP
Mar, 2024	65,018	11,398	5,836	5,189	153.5	5	May 15, 2024	J-GAAP
Mar, 2025 Guidance	61,400	9,700	8,000	3,800	112.3	－	May 15, 2024	J-GAAP
YoY	-5.6%	-14.9%	+37.1%	-26.8%	-26.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	16,811	3,228	406	531	15.7	19.2	Oct 27, 2023	J-GAAP
Oct - Dec, 2023	18,096	3,311	1,745	1,231	36.4	18.3	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	14,609	2,045	1,685	2,070	61.3	14.0	May 15, 2024	J-GAAP
Apr - Jun, 2024	15,969	3,050	1,745	906	26.9	19.1	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	16,930	2,415	332	-131	-3.9	14.3	Oct 31, 2024	J-GAAP
YoY	+0.7%	-25.2%	-18.2%	－	－