AIR WATER INC., First Half Net Income Increases by 16%, July-September Net Income Increases by 6%

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Thu Nov 7, 2024 3:30 pm JST Earnings

4088 AIR WATER INC. 【IFRS】

Earnings Report

AIR WATER INC. <4088> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 7th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 16.4% from the same period last year, reaching 20.1 billion yen. However, The progress rate against the 50 billion yen full-year plan was 40.3%, almost the same as the five-year average of 41.3%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to grow by 10.3% from the same period last year, reaching 29.8 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income grew by 6.1% from the same period last year, reaching 10.7 billion yen. However, the operating profit margin remained almost flat, changing from 6.9% in the same period last year to 6.9%.

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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	463,666	25,925	25,322	16,336	72.1	41.5	Nov 9, 2022	IFRS
Apr - Sep, 2023	476,975	28,375	27,822	17,312	76.1	41.7	Nov 9, 2023	IFRS
Apr - Sep, 2024	507,962	31,982	31,217	20,156	88.2	41.1	Nov 7, 2024	IFRS
YoY	+6.5%	+12.7%	+12.2%	+16.4%	+16.0%

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	510,000	33,000	32,000	21,000	91.9	32	May 9, 2024	IFRS
Apr - Sep, 2024 Results	507,962	31,982	31,217	20,156	88.2	32	Nov 7, 2024	IFRS
Revision Rate	-0.4%	-3.1%	-2.4%	-4.0%	-4.0%

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	547,565	39,897	38,890	27,048	118.7	34	May 9, 2024	IFRS
Oct - Mar, 2024 Guidance	592,038	46,018	44,783	29,844	130.5	32	Nov 7, 2024	IFRS
YoY	+8.1%	+15.3%	+15.2%	+10.3%	+10.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,004,914	62,181	60,978	40,137	176.8	60	May 10, 2023	IFRS
Mar, 2024	1,024,540	68,272	66,712	44,360	194.7	64	May 9, 2024	IFRS
Mar, 2025 Guidance	1,100,000	78,000	76,000	50,000	218.7	64	May 9, 2024	IFRS
YoY	+7.4%	+14.2%	+13.9%	+12.7%	+12.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	246,936	17,112	16,321	10,171	44.7	6.9	Nov 9, 2023	IFRS
Oct - Dec, 2023	267,693	21,457	21,468	13,734	60.3	8.0	Feb 9, 2024	IFRS
Jan - Mar, 2024	279,872	18,440	17,422	13,314	58.4	6.6	May 9, 2024	IFRS
Apr - Jun, 2024	245,943	13,939	14,320	9,363	41.0	5.7	Aug 8, 2024	IFRS
Jul - Sep, 2024	262,019	18,043	16,897	10,793	47.2	6.9	Nov 7, 2024	IFRS
YoY	+6.1%	+5.4%	+3.5%	+6.1%	+5.7%