TOA ROAD CORPORATION, First Half Ordinary Profit Decreases by 60%

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Fri Nov 8, 2024 3:00 pm JST Earnings

1882 TOA ROAD CORPORATION 【J-GAAP】

Earnings Report

TOA ROAD CORPORATION <1882> [TSE-P] announced its financial results in the afternoon session on November 8th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 59.7% from the same period last year to 321 million yen, fell short of the previous forecast of 550 million yen.

The progress rate against the 6.1 billion yen full-year plan was 5.3%, also falling below the five-year average of 9.7%.

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 17.7% from the same period last year, reaching 5.77 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 1.01 billion yen, a 28.4% decrease compared to the same period last year. The operating profit margin worsened from 4.7% in the same period last year to 3.2%.

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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	50,324	-52	81	14	0.3	1.6	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	50,824	629	796	487	10.2	13.9	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	53,881	177	321	602	13.0	5.3	Nov 8, 2024	J-GAAP
YoY	+6.0%	-71.9%	-59.7%	+23.6%	+27.3%

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	50,500	540	550	280	6.1	－	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	53,881	177	321	602	13.0	－	Nov 8, 2024	J-GAAP
Revision Rate	+6.7%	-67.2%	-41.6%	+115.0%	+115.5%

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	67,236	4,844	4,911	3,306	69.7	42	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	72,119	5,823	5,779	3,298	71.3	52	Nov 8, 2024	J-GAAP
YoY	+7.3%	+20.2%	+17.7%	-0.2%	+2.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	118,721	4,736	4,957	3,160	66.7	18	May 12, 2023	J-GAAP
Mar, 2024	118,060	5,473	5,707	3,793	79.9	42	May 10, 2024	J-GAAP
Mar, 2025 Guidance	126,000	6,000	6,100	3,900	84.3	52	Aug 2, 2024	J-GAAP
YoY	+6.7%	+9.6%	+6.9%	+2.8%	+5.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	28,738	1,342	1,413	905	19.0	4.7	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	32,492	1,670	1,695	1,067	22.4	5.1	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	34,744	3,174	3,216	2,239	47.2	9.1	May 10, 2024	J-GAAP
Apr - Jun, 2024	23,300	-803	-691	-439	-9.5	-3.4	Aug 2, 2024	J-GAAP
Jul - Sep, 2024	30,581	980	1,012	1,041	22.6	3.2	Nov 8, 2024	J-GAAP
YoY	+6.4%	-27.0%	-28.4%	+15.0%	+18.5%