Mitsubishi Estate Company, Limited, First Half Ordinary Profit Increases by 6%

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Thu Nov 7, 2024 3:30 pm JST Earnings

8802 Mitsubishi Estate Company, Limited 【J-GAAP】

Earnings Report

Mitsubishi Estate Company, Limited <8802> [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) increased by 5.6% from the same period last year, reaching 79.4 billion yen. However, The progress rate against the 252 billion yen full-year plan was 31.5%, also falling below the five-year average of 39.4%.

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 grow by 4.0% from the same period last year, reaching 172 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 12.8% from the same period last year, reaching 35.6 billion yen. The operating profit margin rose from 14.2% in the same period last year to 15.4%.

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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	594,565	142,078	130,534	76,342	57.7	48.0	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	587,933	90,314	75,224	41,546	32.3	31.2	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	641,065	99,878	79,442	50,021	39.7	31.5	Nov 7, 2024	J-GAAP
YoY	+9.0%	+10.6%	+5.6%	+20.4%	+22.8%

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	ー	ー	ー	ー	－	21	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	641,065	99,878	79,442	50,021	39.7	21	Nov 7, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	916,754	188,313	165,934	126,886	99.4	20	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	954,935	200,122	172,558	122,979	98.7	22	Nov 7, 2024	J-GAAP
YoY	+4.2%	+6.3%	+4.0%	-3.1%	-0.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,377,827	296,702	271,819	165,343	125.5	38	May 11, 2023	J-GAAP
Mar, 2024	1,504,687	278,627	241,158	168,432	132.0	40	May 10, 2024	J-GAAP
Mar, 2025 Guidance	1,596,000	300,000	252,000	173,000	138.9	43	May 10, 2024	J-GAAP
YoY	+6.1%	+7.7%	+4.5%	+2.7%	+5.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	295,468	41,914	31,594	22,277	17.3	14.2	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	338,515	56,507	48,060	36,001	28.1	16.7	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	578,239	131,806	117,874	90,885	71.2	22.8	May 10, 2024	J-GAAP
Apr - Jun, 2024	328,239	51,798	43,794	25,941	20.5	15.8	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	312,826	48,080	35,648	24,080	19.1	15.4	Nov 7, 2024	J-GAAP
YoY	+5.9%	+14.7%	+12.8%	+8.1%	+10.2%