NITTOC CONSTRUCTION CO.,LTD., First Half Ordinary Profit Decreases by 70%

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Fri Nov 8, 2024 3:00 pm JST Earnings

1929 NITTOC CONSTRUCTION CO.,LTD. 【J-GAAP】

Earnings Report

NITTOC CONSTRUCTION CO.,LTD. <1929> [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 70.4% from the same period last year to 482 million yen, fell short of the previous forecast of 1.5 billion yen.

The progress rate against the 5.4 billion yen full-year plan was 8.9%, also falling below the five-year average of 36.6%.

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 expand by 77.7% from the same period last year, reaching 4.91 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 532 million yen, a 59.2% decrease compared to the same period last year. The operating profit margin drastically worsened from 6.9% in the same period last year to 3.5%.

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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	32,752	2,067	2,137	1,349	32.4	39.1	Nov 4, 2022	J-GAAP
Apr - Sep, 2023	34,977	1,566	1,630	1,100	26.4	37.1	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	30,036	453	482	235	5.6	8.9	Nov 8, 2024	J-GAAP
YoY	-14.1%	-71.1%	-70.4%	-78.6%	-78.6%

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	32,300	1,500	1,500	1,100	26.4	22	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	30,036	453	482	235	5.6	22	Nov 8, 2024	J-GAAP
Revision Rate	-7.0%	-69.8%	-67.9%	-78.6%	-78.6%

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	36,903	2,790	2,767	1,966	47.1	25	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	42,964	4,947	4,918	3,365	80.6	26	Nov 8, 2024	J-GAAP
YoY	+16.4%	+77.3%	+77.7%	+71.2%	+71.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	72,918	5,451	5,462	3,526	84.6	45	May 10, 2023	J-GAAP
Mar, 2024	71,880	4,356	4,397	3,066	73.5	47	May 9, 2024	J-GAAP
Mar, 2025 Guidance	73,000	5,400	5,400	3,600	86.2	48	May 9, 2024	J-GAAP
YoY	+1.6%	+24.0%	+22.8%	+17.4%	+17.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	18,857	1,310	1,305	924	22.2	6.9	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	19,897	2,035	2,000	1,344	32.2	10.2	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	17,006	755	767	622	14.9	4.4	May 9, 2024	J-GAAP
Apr - Jun, 2024	13,990	-109	-50	-63	-1.5	-0.8	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	16,046	562	532	298	7.2	3.5	Nov 8, 2024	J-GAAP
YoY	-14.9%	-57.1%	-59.2%	-67.7%	-67.7%