ORIENTAL CHAIN MFG. CO., LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 7%

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Thu Nov 7, 2024 3:00 pm JST Earnings

6380 ORIENTAL CHAIN MFG. CO., LTD. 【J-GAAP】

Earnings Report

ORIENTAL CHAIN MFG. CO., LTD. <6380> [TSE-S] 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) dropped by 41.7% from the previous period non-consolidated to 74 million yen, fell short of the previous forecast of 115 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 7.0%, from the previous forecast of 243 million yen to 226 million yen.

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 expand by 65.2% from the previous period non-consolidated to 152 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 6 million yen, a 92.2% decrease compared to the same period last year. The operating profit margin drastically worsened from 6.6% in the same period last year to 2.1%.

Note: Since the current fiscal year, the company has transitioned to consolidated financial statements.

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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	1,957	87	115	73	53.3	80.4	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	2,012	107	127	87	63.3	58.0	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	2,000	76	74	40	28.9	32.7	Nov 7, 2024	J-GAAP
YoY	-0.6%	-29.0%	-41.7%	-54.0%	-54.4%

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	2,082	113	115	74	53.4	15	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	2,000	76	74	40	28.9	15	Nov 7, 2024	J-GAAP
Revision Rate	-3.9%	-32.7%	-35.7%	-45.9%	-45.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	4,183	241	243	157	113.3	30	May 9, 2024	J-GAAP
Mar, 2025 New	4,142	232	226	156	112.6	30	Nov 7, 2024	J-GAAP
Revision Rate	-1.0%	-3.7%	-7.0%	-0.6%	-0.6%

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	2,070	94	92	62	44.8	15	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	2,142	156	152	116	83.7	15	Nov 7, 2024	J-GAAP
YoY	+3.5%	+66.0%	+65.2%	+87.1%	+86.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	3,904	116	143	93	67.8	20	May 11, 2023	J-GAAP
Mar, 2024	4,082	201	219	149	107.7	30	May 9, 2024	J-GAAP
Mar, 2025 Guidance	4,142	232	226	156	112.6	30	Nov 7, 2024	J-GAAP
YoY	+1.5%	+15.4%	+3.2%	+4.7%	+4.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,038	69	77	53	38.6	6.6	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	1,084	51	51	24	17.3	4.7	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	986	43	41	38	27.5	4.4	May 9, 2024	J-GAAP
Apr - Jun, 2024	938	54	68	42	30.8	5.8	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	1,062	22	6	-2	-1.4	2.1	Nov 7, 2024	J-GAAP
YoY	+2.3%	-68.1%	-92.2%	－	－