ITOHAM YONEKYU HOLDINGS INC., First Half Ordinary Profit Decreases by 27%, July-September Ordinary Profit Decreases by 30%

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Fri Nov 1, 2024 12:00 pm JST Earnings

2296 ITOHAM YONEKYU HOLDINGS INC. 【J-GAAP】

Earnings Report

ITOHAM YONEKYU HOLDINGS INC. <2296> [TSE-P] announced its financial results at noon (12:00) on November 1st. The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 26.5% from the same period last year to 9.03 billion yen. The progress rate against the 24 billion yen full-year plan was 37.7%, also falling below the five-year average of 54.0%.

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 grow by 8.9% from the same period last year, reaching 14.9 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 4.66 billion yen, a 30.3% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 2.2% in the same period last year to 1.9%.

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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	448,004	15,138	16,161	10,905	187.6	62.1	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	470,141	10,580	12,298	7,589	133.3	47.2	Nov 2, 2023	J-GAAP
Apr - Sep, 2024	490,914	8,806	9,037	6,264	110.4	37.7	Nov 1, 2024	J-GAAP
YoY	+4.4%	-16.8%	-26.5%	-17.5%	-17.1%

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	490,000	8,800	9,000	6,200	109.3	70	Oct 25, 2024	J-GAAP
Apr - Sep, 2024 Results	490,914	8,806	9,037	6,264	110.4	70	Nov 1, 2024	J-GAAP
Revision Rate	+0.2%	+0.1%	+0.4%	+1.0%	+1.1%

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	485,439	11,756	13,738	7,964	139.9	125	May 2, 2024	J-GAAP
Oct - Mar, 2024 Guidance	494,086	13,694	14,963	8,736	154.0	75	Nov 1, 2024	J-GAAP
YoY	+1.8%	+16.5%	+8.9%	+9.7%	+10.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	922,682	22,994	26,044	16,975	294.1	120	May 9, 2023	J-GAAP
Mar, 2024	955,580	22,336	26,036	15,553	273.2	125	May 2, 2024	J-GAAP
Mar, 2025 Guidance	985,000	22,500	24,000	15,000	264.4	145	Oct 25, 2024	J-GAAP
YoY	+3.1%	+0.7%	-7.8%	-3.6%	-3.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	242,583	5,269	6,698	4,232	74.3	2.2	Nov 2, 2023	J-GAAP
Oct - Dec, 2023	258,079	10,147	11,103	7,777	136.6	3.9	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	227,360	1,609	2,635	187	3.3	0.7	May 2, 2024	J-GAAP
Apr - Jun, 2024	235,771	3,929	4,369	2,956	52.1	1.7	Aug 1, 2024	J-GAAP
Jul - Sep, 2024	255,143	4,877	4,668	3,308	58.3	1.9	Nov 1, 2024	J-GAAP
YoY	+5.2%	-7.4%	-30.3%	-21.8%	-21.5%