Mitsui Fudosan Co., Ltd., First Half Ordinary Profit Decreases by 11%

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Fri Nov 8, 2024 3:30 pm JST Earnings

8801 Mitsui Fudosan Co., Ltd. 【J-GAAP】

Earnings Report

Mitsui Fudosan Co., Ltd. <8801> [TSE-P] announced its financial results after the market closed on November 8th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 11.1% from the same period last year to 137 billion yen. However, The progress rate against the 260 billion yen full-year plan was 52.8%, also surpassing the five-year average of 42.4%.

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 8.1% from the same period last year, reaching 122 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 47.1 billion yen, a 42.2% decrease compared to the same period last year. The operating profit margin decreased from 16.4% in the same period last year to 12.8%.

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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	1,057,046	131,518	120,267	100,144	35.1	45.3	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	1,165,245	179,734	154,409	129,293	46.2	57.6	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	1,162,438	169,470	137,322	88,322	31.6	52.8	Nov 8, 2024	J-GAAP
YoY	-0.2%	-5.7%	-11.1%	-31.7%	-31.7%

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	ー	ー	ー	ー	－	15	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	1,162,438	169,470	137,322	88,322	31.6	15	Nov 8, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	1,218,044	159,956	113,481	95,354	34.0	16.33	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	1,437,562	170,530	122,678	146,678	52.9	15	Nov 8, 2024	J-GAAP
YoY	+18.0%	+6.6%	+8.1%	+53.8%	+55.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	2,269,103	305,405	265,358	196,998	69.3	20.67	May 10, 2023	J-GAAP
Mar, 2024	2,383,289	339,690	267,890	224,647	80.2	28	May 10, 2024	J-GAAP
Mar, 2025 Guidance	2,600,000	340,000	260,000	235,000	84.7	30	May 10, 2024	J-GAAP
YoY	+9.1%	+0.1%	-2.9%	+4.6%	+5.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	603,881	99,324	81,550	43,442	15.5	16.4	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	533,770	65,560	45,350	37,164	13.3	12.3	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	684,274	94,396	68,131	58,190	20.8	13.8	May 10, 2024	J-GAAP
Apr - Jun, 2024	630,376	101,299	90,152	65,018	23.2	16.1	Aug 2, 2024	J-GAAP
Jul - Sep, 2024	532,062	68,171	47,170	23,304	8.3	12.8	Nov 8, 2024	J-GAAP
YoY	-11.9%	-31.4%	-42.2%	-46.4%	-46.4%