Mitsuboshi Belting Ltd., First Half Ordinary Profit Decreases by 24%, July-September Ordinary Profit Decreases by 17%

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Fri Nov 8, 2024 2:00 pm JST Earnings

5192 Mitsuboshi Belting Ltd. 【J-GAAP】

Earnings Report

Mitsuboshi Belting Ltd. <5192> [TSE-P] announced its financial results in the afternoon session on November 8th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 23.6% from the same period last year to 4.28 billion yen. The progress rate against the 8.6 billion yen full-year plan was 49.8%, almost the same as the five-year average of 52.3%.

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 8.0% from the same period last year, reaching 4.31 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 1.96 billion yen, a 16.9% decrease compared to the same period last year. However, the operating profit margin significantly improved from 9.8% in the same period last year to 12.9%.

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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	42,568	4,597	5,731	3,919	137.9	54.7	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	42,028	4,137	5,611	3,593	126.7	58.4	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	45,451	4,548	4,286	6,091	214.7	49.8	Nov 8, 2024	J-GAAP
YoY	+8.1%	+9.9%	-23.6%	+69.5%	+69.4%

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	45,000	4,400	4,100	6,100	214.9	90	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	45,451	4,548	4,286	6,091	214.7	90	Nov 8, 2024	J-GAAP
Revision Rate	+1.0%	+3.4%	+4.5%	-0.1%	-0.1%

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	41,986	3,622	3,994	3,509	123.7	125	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	43,049	4,502	4,314	3,209	114.0	90	Nov 8, 2024	J-GAAP
YoY	+2.5%	+24.3%	+8.0%	-8.5%	-7.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	82,911	9,030	10,471	7,071	249.1	250	May 12, 2023	J-GAAP
Mar, 2024	84,014	7,759	9,605	7,102	250.4	250	May 14, 2024	J-GAAP
Mar, 2025 Guidance	88,500	9,050	8,600	9,300	330.4	180	May 14, 2024	J-GAAP
YoY	+5.3%	+16.6%	-10.5%	+30.9%	+32.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	21,479	2,110	2,365	1,402	49.4	9.8	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	21,008	2,088	1,938	1,540	54.3	9.9	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	20,978	1,534	2,056	1,969	69.4	7.3	May 14, 2024	J-GAAP
Apr - Jun, 2024	22,443	1,591	2,320	4,438	156.5	7.1	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	23,008	2,957	1,966	1,653	58.3	12.9	Nov 8, 2024	J-GAAP
YoY	+7.1%	+40.1%	-16.9%	+17.9%	+17.8%