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

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%

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