ISHIHARA SANGYO KAISHA, LTD., The Current Fiscal Year Ordinary Profit Revised Upward by 6%

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Fri Nov 8, 2024 3:00 pm JST Earnings

4028 ISHIHARA SANGYO KAISHA, LTD. 【J-GAAP】

Earnings Report

ISHIHARA SANGYO KAISHA, LTD. <4028> [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 55.0% from the same period last year to 2.48 billion yen, fell short of the previous forecast of 3.5 billion yen.

However, the full-year consolidated ordinary profit has been revised upward by 5.6%, from the previous forecast of 9 billion yen to 9.5 billion yen (compared to 14.8 billion yen in the previous period), and the declining rate is expected to decrease from 39.4% to 36.0%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 24.8% from the same period last year to 7.01 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary loss expanded to a loss of 1.65 billion yen (compared to a loss of 275 million yen in the same period last year). However, the operating profit/loss margin drastically improved from -3.2% in the same period last year to 2.3%.

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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	64,227	3,362	6,420	4,411	110.4	62.0	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	67,529	2,280	5,528	3,748	98.2	37.2	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	74,522	2,653	2,486	727	19.0	26.2	Nov 8, 2024	J-GAAP
YoY	+10.4%	+16.4%	-55.0%	-80.6%	-80.6%

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	75,000	3,000	3,500	1,500	39.2	0	Aug 9, 2024	J-GAAP
Apr - Sep, 2024 Results	74,522	2,653	2,486	727	19.0	0	Nov 8, 2024	J-GAAP
Revision Rate	-0.6%	-11.6%	-29.0%	-51.5%	-51.5%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	144,000	10,000	9,000	6,000	156.8	70	May 10, 2024	J-GAAP
Mar, 2025 New	148,000	10,000	9,500	6,000	156.8	70	Nov 8, 2024	J-GAAP
Revision Rate	+2.8%	0.0%	+5.6%	0.0%	0.0%

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	70,927	9,211	9,322	4,240	111.1	70	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	73,478	7,347	7,014	5,273	137.8	70	Nov 8, 2024	J-GAAP
YoY	+3.6%	-20.2%	-24.8%	+24.4%	+24.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	131,238	8,631	10,349	6,947	175.8	42	May 11, 2023	J-GAAP
Mar, 2024	138,456	11,491	14,850	7,988	209.3	70	May 10, 2024	J-GAAP
Mar, 2025 Guidance	148,000	10,000	9,500	6,000	156.8	70	Nov 8, 2024	J-GAAP
YoY	+6.9%	-13.0%	-36.0%	-24.9%	-25.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	29,922	-952	-275	-1,237	-32.4	-3.2	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	30,974	203	-248	-907	-23.8	0.7	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	39,953	9,008	9,570	5,147	134.8	22.5	May 10, 2024	J-GAAP
Apr - Jun, 2024	37,595	1,786	4,136	2,873	75.2	4.8	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	36,927	867	-1,650	-2,146	-56.2	2.3	Nov 8, 2024	J-GAAP
YoY	+23.4%	－	-500.0%	-73.5%	-73.3%