XNET Corporation, First Half Ordinary Profit Decreases by 30%, July-September Ordinary Profit Decreases by 34%

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Thu Oct 31, 2024 4:00 pm JST Earnings

4762 XNET Corporation 【J-GAAP】

Earnings Report

XNET Corporation <4762> [TSE-S] announced its financial results after the market closed on October 31st (16:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 29.7% from the same period last year to 391 million yen. The progress rate against the 850 million yen full-year plan was 46.0%, almost the same as the five-year average of 45.9%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to decrease by 15.8% from the same period last year to 459 million yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit dropped to 212 million yen, a 34.0% decrease compared to the same period last year. The operating profit margin decreased from 21.8% in the same period last year to 16.0%.

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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	2,676	489	505	343	41.6	51.3	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	2,762	538	556	377	45.7	50.5	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	2,638	405	391	262	54.2	46.0	Oct 31, 2024	J-GAAP
YoY	-4.5%	-24.7%	-29.7%	-30.5%	+18.5%

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	2,600	430	390	260	62.2	22.50	Apr 30, 2024	J-GAAP
Apr - Sep, 2024 Results	2,638	405	391	262	54.2	22.50	Oct 31, 2024	J-GAAP
Revision Rate	+1.5%	-5.8%	+0.3%	+0.8%	-12.9%

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	2,785	528	545	364	44.1	15	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	2,662	475	459	308	73.7	22.50	Oct 31, 2024	J-GAAP
YoY	-4.4%	-10.0%	-15.8%	-15.4%	+67.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	5,357	950	985	694	84.0	30	Apr 28, 2023	J-GAAP
Mar, 2024	5,547	1,066	1,101	741	89.7	30	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	5,300	880	850	570	136.4	45	Apr 30, 2024	J-GAAP
YoY	-4.5%	-17.4%	-22.8%	-23.1%	+52.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,429	312	321	218	26.4	21.8	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	1,400	272	280	190	23.0	19.4	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	1,385	256	265	174	21.1	18.5	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	1,333	196	179	119	21.6	14.7	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	1,305	209	212	143	29.6	16.0	Oct 31, 2024	J-GAAP
YoY	-8.7%	-33.0%	-34.0%	-34.4%	+11.9%