The Chugoku Electric Power Company, Incorporated, The Current Fiscal Year Ordinary Profit Revised Upward by 8%

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Thu Oct 31, 2024 3:00 pm JST Earnings

9504 The Chugoku Electric Power Company, Incorporated 【J-GAAP】

Earnings Report

The Chugoku Electric Power Company, Incorporated <9504> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 59.6% from the same period last year to 65.4 billion yen.

However, the full-year consolidated ordinary profit has been revised upward by 7.7%, from the previous forecast of 65 billion yen to 70 billion yen (compared to 194 billion yen in the previous period), and the declining rate is expected to decrease from 66.5% to 63.9%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to significant drop by 85.7% from the same period last year to 4.6 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 28 billion yen, a 64.6% decrease compared to the same period last year. The operating profit margin sharply declined from 17.4% in the same period last year to 8.5%.

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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	749,774	-73,170	-68,543	-56,015	-155.5	ー	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	841,547	165,064	161,933	123,028	341.5	83.4	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	741,906	69,889	65,400	51,662	143.5	93.4	Oct 31, 2024	J-GAAP
YoY	-11.8%	-57.7%	-59.6%	-58.0%	-58.0%

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	ー	ー	ー	ー	－	5	Apr 30, 2024	J-GAAP
Apr - Sep, 2024 Results	741,906	69,889	65,400	51,662	143.5	5	Oct 31, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,400,000	75,000	65,000	50,000	139.1	10	Apr 30, 2024	J-GAAP
Mar, 2025 New	1,490,000	80,000	70,000	54,000	150.2	10	Oct 31, 2024	J-GAAP
Revision Rate	+6.4%	+6.7%	+7.7%	+8.0%	+8.0%

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	787,238	41,713	32,143	10,473	29.1	30	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	748,094	10,111	4,600	2,338	6.5	5	Oct 31, 2024	J-GAAP
YoY	-5.0%	-75.8%	-85.7%	-77.7%	-77.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,694,602	-68,892	-106,780	-155,378	-431.3	0	Apr 28, 2023	J-GAAP
Mar, 2024	1,628,785	206,777	194,076	133,501	370.6	35	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	1,490,000	80,000	70,000	54,000	150.2	10	Oct 31, 2024	J-GAAP
YoY	-8.5%	-61.3%	-63.9%	-59.6%	-59.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	440,469	76,819	79,317	60,391	167.6	17.4	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	363,281	10,801	3,440	-2,524	-7.0	3.0	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	423,957	30,912	28,703	12,997	36.1	7.3	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	330,344	34,865	37,359	23,362	64.9	10.6	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	411,562	35,024	28,041	28,300	78.6	8.5	Oct 31, 2024	J-GAAP
YoY	-6.6%	-54.4%	-64.6%	-53.1%	-53.1%