FLYING GARDEN CO., LTD, First Half Ordinary Profit Decreases by 27%, July-September Ordinary Profit Decreases by 19%

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Tue Nov 5, 2024 3:30 pm JST Earnings

3317 FLYING GARDEN CO., LTD 【J-GAAP】

Earnings Report

FLYING GARDEN CO., LTD <3317> [TSE-S] announced its financial results after the market closed on November 5th (15:30). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 26.8% from the same period last year to 270 million yen. The progress rate against the 490 million yen full-year plan was 55.1%, below the five-year average of 59.9%.

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 grow by 6.3% from the same period last year, reaching 220 million yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit decreased to 160 million yen, a 19.2% decrease compared to the same period last year. The operating profit margin worsened from 9.7% in the same period last year to 7.3%.

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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	3,511	233	339	220	152.6	59.4	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	3,867	359	369	266	184.4	64.1	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	4,024	258	270	162	112.3	55.1	Nov 5, 2024	J-GAAP
YoY	+4.1%	-28.1%	-26.8%	-39.1%	-39.1%

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	4,000	250	250	180	124.6	0	May 7, 2024	J-GAAP
Apr - Sep, 2024 Results	4,024	258	270	162	112.3	0	Nov 5, 2024	J-GAAP
Revision Rate	+0.6%	+3.2%	+8.0%	-10.0%	-9.8%

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	3,918	191	207	130	90.1	30	May 7, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,076	222	220	178	123.2	30	Nov 5, 2024	J-GAAP
YoY	+4.0%	+16.2%	+6.3%	+36.9%	+36.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	7,236	449	571	291	201.9	25	May 8, 2023	J-GAAP
Mar, 2024	7,785	550	576	396	274.3	30	May 7, 2024	J-GAAP
Mar, 2025 Guidance	8,100	480	490	340	235.3	30	May 7, 2024	J-GAAP
YoY	+4.0%	-12.7%	-14.9%	-14.1%	-14.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,998	193	198	123	85.3	9.7	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	1,939	115	122	84	58.3	5.9	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	1,979	76	85	46	31.9	3.8	May 7, 2024	J-GAAP
Apr - Jun, 2024	1,922	104	110	64	44.4	5.4	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	2,102	154	160	98	68.0	7.3	Nov 5, 2024	J-GAAP
YoY	+5.2%	-20.2%	-19.2%	-20.3%	-20.3%