NIHON KOHDEN CORPORATION, The Current Fiscal Year Ordinary Profit Revised Downward by 22%

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Thu Nov 7, 2024 3:30 pm JST Earnings

6849 NIHON KOHDEN CORPORATION 【J-GAAP】

Earnings Report

NIHON KOHDEN CORPORATION <6849> [TSE-P] announced its financial results after the market closed on November 7th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 83.0% from the same period last year to 2.13 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 21.7%, from the previous forecast of 23 billion yen to 18 billion yen (compared to 25.5 billion yen in the previous period), leading to an increase in the profit decline rate from 10.1% to 29.7%.

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 grow by 21.6% from the same period last year, reaching 15.8 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 465 million yen, a 93.1% decrease compared to the same period last year. However, the operating profit margin improved from 9.6% in the same period last year to 11.2%.

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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	94,349	7,217	13,019	8,541	50.7	54.0	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	103,536	7,491	12,546	7,997	47.5	49.0	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	102,784	5,114	2,139	463	2.8	11.9	Nov 7, 2024	J-GAAP
YoY	-0.7%	-31.7%	-83.0%	-94.2%	-94.2%

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	102,700	5,000	1,900	500	3.0	15	Oct 17, 2024	J-GAAP
Apr - Sep, 2024 Results	102,784	5,114	2,139	463	2.8	15	Nov 7, 2024	J-GAAP
Revision Rate	+0.1%	+2.3%	+12.6%	-7.4%	-8.0%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	229,000	23,000	23,000	16,000	96.8	31	May 13, 2024	J-GAAP
Mar, 2025 New	227,000	20,500	18,000	12,000	72.6	31	Nov 7, 2024	J-GAAP
Revision Rate	-0.9%	-10.9%	-21.7%	-25.0%	-25.0%

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	118,450	12,100	13,043	9,029	53.7	15.50	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	124,216	15,386	15,861	11,537	69.8	16	Nov 7, 2024	J-GAAP
YoY	+4.9%	+27.2%	+21.6%	+27.8%	+30.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	206,603	21,120	24,122	17,110	101.6	30.50	May 15, 2023	J-GAAP
Mar, 2024	221,986	19,591	25,589	17,026	101.2	30.50	May 13, 2024	J-GAAP
Mar, 2025 Guidance	227,000	20,500	18,000	12,000	72.6	31	Nov 7, 2024	J-GAAP
YoY	+2.3%	+4.6%	-29.7%	-29.5%	-28.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	54,808	5,286	6,752	4,210	25.0	9.6	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	52,633	3,024	712	-71	-0.4	5.7	Feb 2, 2024	J-GAAP
Jan - Mar, 2024	65,817	9,076	12,331	9,100	54.1	13.8	May 13, 2024	J-GAAP
Apr - Jun, 2024	46,227	-1,248	1,674	766	4.6	-2.7	Aug 2, 2024	J-GAAP
Jul - Sep, 2024	56,557	6,362	465	-303	-1.8	11.2	Nov 7, 2024	J-GAAP
YoY	+3.2%	+20.4%	-93.1%	－	－