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Prima Meat Packers, Ltd., First Half Ordinary Profit Revised Downward to an Unexpected 8%Decrease

Tue Nov 5, 2024 3:30 pm JST Earnings

2281 Prima Meat Packers, Ltd. 【J-GAAP】

Earnings Report

Prima Meat Packers, Ltd. <2281> [TSE-P] announced its financial results after the market closed on November 5th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 8.3% from the same period last year to 6.81 billion yen, resulting in a decrease in profits compared to the previous forecast of a 19.8% increase.

The progress rate against the 17 billion yen full-year plan was 40.1%, also falling below the five-year average of 54.7%.

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 expand by 86.7% from the same period last year, reaching 10.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 3.16 billion yen, a 10.0% decrease compared to the same period last year. The operating profit margin worsened from 2.8% in the same period last year to 2.4%.

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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 211,714 5,471 5,830 3,689 73.4 55.5 Oct 31, 2022 J-GAAP
Apr - Sep, 2023 222,735 6,829 7,427 3,861 76.9 57.6 Oct 31, 2023 J-GAAP
Apr - Sep, 2024 229,441 6,185 6,812 4,258 84.7 40.1 Nov 5, 2024 J-GAAP
YoY +3.0% -9.4% -8.3% +10.3% +10.3%

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 235,000 8,500 8,900 5,100 101.5 40 May 7, 2024 J-GAAP
Apr - Sep, 2024 Results 229,441 6,185 6,812 4,258 84.7 40 Nov 5, 2024 J-GAAP
Revision Rate -2.4% -27.2% -23.5% -16.5% -16.5%

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 225,694 4,991 5,457 3,628 72.2 45 May 7, 2024 J-GAAP
Oct - Mar, 2024 Guidance 240,559 9,815 10,188 5,742 114.2 40 Nov 5, 2024 J-GAAP
YoY +6.6% +96.7% +86.7% +58.3% +58.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 430,740 9,725 10,510 4,505 89.7 65 May 8, 2023 J-GAAP
Mar, 2024 448,429 11,820 12,884 7,489 149.0 65 May 7, 2024 J-GAAP
Mar, 2025 Guidance 470,000 16,000 17,000 10,000 199.0 80 May 7, 2024 J-GAAP
YoY +4.8% +35.4% +31.9% +33.5% +33.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 113,452 3,222 3,512 1,643 32.7 2.8 Oct 31, 2023 J-GAAP
Oct - Dec, 2023 119,832 3,562 3,753 2,341 46.6 3.0 Feb 5, 2024 J-GAAP
Jan - Mar, 2024 105,862 1,429 1,704 1,287 25.6 1.3 May 7, 2024 J-GAAP
Apr - Jun, 2024 112,891 3,346 3,651 2,204 43.9 3.0 Jul 31, 2024 J-GAAP
Jul - Sep, 2024 116,550 2,839 3,161 2,054 40.9 2.4 Nov 5, 2024 J-GAAP
YoY +2.7% -11.9% -10.0% +25.0% +25.0%

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