HEIWA REAL ESTATE CO.,LTD., First Half Ordinary Profit Decreases by 47%, July-September Ordinary Profit Decreases by 22%

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Thu Oct 31, 2024 3:00 pm JST Earnings

8803 HEIWA REAL ESTATE CO.,LTD. 【J-GAAP】

Earnings Report

HEIWA REAL ESTATE CO.,LTD. <8803> [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) dropped by 46.6% from the same period last year to 4.58 billion yen. The progress rate against the 10.7 billion yen full-year plan was 42.8%, also falling below the five-year average of 59.5%.

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 surge by 2.1 times that of the same period last year, reaching 6.11 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 1.84 billion yen, a 22.0% decrease compared to the same period last year. However, the operating profit margin jumped from 21.3% in the same period last year to 28.0%.

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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	24,954	5,067	4,589	4,240	117.5	47.6	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	28,191	9,254	8,574	6,659	186.1	74.8	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	18,761	5,254	4,581	3,431	100.4	42.8	Oct 31, 2024	J-GAAP
YoY	-33.5%	-43.2%	-46.6%	-48.5%	-46.1%

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	ー	ー	ー	ー	－	63	Jun 7, 2024	J-GAAP
Apr - Sep, 2024 Results	18,761	5,254	4,581	3,431	100.4	63	Oct 31, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	16,242	3,768	2,889	1,791	50.1	108	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	22,839	7,046	6,119	5,069	151.8	63	Oct 31, 2024	J-GAAP
YoY	+40.6%	+87.0%	+111.8%	+183.0%	+203.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	44,522	10,784	9,647	9,137	254.3	104	Apr 28, 2023	J-GAAP
Mar, 2024	44,433	13,022	11,463	8,450	236.1	166	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	41,600	12,300	10,700	8,500	254.6	126	Jun 7, 2024	J-GAAP
YoY	-6.4%	-5.5%	-6.7%	+0.6%	+7.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	13,163	2,807	2,363	1,658	46.3	21.3	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	7,524	1,697	1,379	955	26.7	22.6	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	8,718	2,071	1,510	836	23.4	23.8	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	10,579	2,961	2,739	2,093	59.8	28.0	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	8,182	2,293	1,842	1,338	39.1	28.0	Oct 31, 2024	J-GAAP
YoY	-37.8%	-18.3%	-22.0%	-19.3%	-15.5%