PS Construction Co., Ltd., First Half Ordinary Profit Increases by 78%

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Thu Nov 7, 2024 3:00 pm JST Earnings

1871 PS Construction Co., Ltd. 【J-GAAP】

Earnings Report

PS Construction Co., Ltd. <1871> [TSE-P] announced its financial results in the afternoon session on November 7th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 5.73 billion yen, an increase of 78.2% compared to the same period last year, exceeded the previous forecast of 4.7 billion yen.

The progress rate against the 7.6 billion yen full-year plan was 75.5%, also surpassing the five-year average of 44.4%.

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 significant drop by 58.8% from the same period last year to 1.86 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 72.9% from the same period last year, reaching 3.18 billion yen. The operating profit margin significantly improved from 6.3% in the same period last year to 9.6%.

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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	47,540	2,298	2,287	1,497	32.1	40.6	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	57,669	3,310	3,220	2,151	46.3	41.6	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	64,851	5,747	5,738	3,733	80.0	75.5	Nov 7, 2024	J-GAAP
YoY	+12.5%	+73.6%	+78.2%	+73.5%	+72.8%

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	63,000	4,600	4,700	3,100	66.5	22	Sep 25, 2024	J-GAAP
Apr - Sep, 2024 Results	64,851	5,747	5,738	3,733	80.0	22	Nov 7, 2024	J-GAAP
Revision Rate	+2.9%	+24.9%	+22.1%	+20.4%	+20.4%

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	71,625	4,517	4,523	2,903	62.4	27	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	62,149	1,953	1,862	1,267	27.1	22	Nov 7, 2024	J-GAAP
YoY	-13.2%	-56.8%	-58.8%	-56.4%	-56.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	109,327	5,715	5,629	3,790	81.4	33	May 12, 2023	J-GAAP
Mar, 2024	129,294	7,827	7,743	5,054	108.6	44	May 13, 2024	J-GAAP
Mar, 2025 Guidance	127,000	7,700	7,600	5,000	106.9	44	May 13, 2024	J-GAAP
YoY	-1.8%	-1.6%	-1.8%	-1.1%	-1.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	30,059	1,880	1,843	1,397	30.1	6.3	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	32,347	1,937	1,938	1,295	27.8	6.0	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	39,278	2,580	2,585	1,608	34.5	6.6	May 13, 2024	J-GAAP
Apr - Jun, 2024	31,665	2,554	2,551	1,580	33.9	8.1	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	33,186	3,193	3,187	2,153	46.1	9.6	Nov 7, 2024	J-GAAP
YoY	+10.4%	+69.8%	+72.9%	+54.1%	+53.5%