Ishii Food Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Downward by 54%

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Thu Nov 7, 2024 11:00 am JST Earnings

2894 Ishii Food Co.,Ltd. 【J-GAAP】

Earnings Report

Ishii Food Co.,Ltd. <2894> [TSE-S] announced its financial results in the morning on November 7th (11:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 72.5% from the same period last year to 98 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 53.6%, from the previous forecast of 280 million yen to 130 million yen (compared to 457 million yen in the previous period), leading to an increase in the profit decline rate from 38.7% to 71.6%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to significant drop by 68.0% from the same period last year to 32 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 24 million yen, a 78.2% decrease compared to the same period last year. The operating profit margin drastically worsened from 4.1% in the same period last year to 0.7%.

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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	4,519	-111	-105	-113	-6.8	ー	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	5,152	338	357	190	11.3	78.1	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	5,403	88	98	34	2.1	75.4	Nov 7, 2024	J-GAAP
YoY	+4.9%	-74.0%	-72.5%	-82.1%	-81.6%

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	－	0	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	5,403	88	98	34	2.1	0	Nov 7, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	10,710	250	280	165	9.9	4	May 14, 2024	J-GAAP
Mar, 2025 New	10,900	100	130	80	4.8	4	Nov 7, 2024	J-GAAP
Revision Rate	+1.8%	-60.0%	-53.6%	-51.5%	-51.5%

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	5,340	75	100	281	16.8	4	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	5,497	12	32	46	2.8	4	Nov 7, 2024	J-GAAP
YoY	+2.9%	-84.0%	-68.0%	-83.6%	-83.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	9,549	219	256	308	18.3	3	May 12, 2023	J-GAAP
Mar, 2024	10,492	413	457	471	28.1	4	May 14, 2024	J-GAAP
Mar, 2025 Guidance	10,900	100	130	80	4.8	4	Nov 7, 2024	J-GAAP
YoY	+3.9%	-75.8%	-71.6%	-83.0%	-82.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,539	103	110	17	1.0	4.1	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	2,779	168	179	116	6.9	6.0	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	2,561	-93	-79	165	9.8	-3.6	May 14, 2024	J-GAAP
Apr - Jun, 2024	2,718	68	74	15	0.9	2.5	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	2,685	20	24	19	1.2	0.7	Nov 7, 2024	J-GAAP
YoY	+5.8%	-80.6%	-78.2%	+11.8%	+14.9%