Sumitomo Realty & Development Co.,Ltd., July-September (2Q) Ordinary Profit Decreases by 21%

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Fri Nov 8, 2024 3:30 pm JST Earnings

8830 Sumitomo Realty & Development Co.,Ltd. 【J-GAAP】

Earnings Report

Sumitomo Realty & Development Co.,Ltd. <8830> [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) increased by 4.4% from the same period last year, reaching 156 billion yen. The progress rate against the 265 billion yen full-year plan was 58.9%, almost the same as the five-year average of 59.4%.

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 5.1% from the same period last year, reaching 108 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 53.1 billion yen, a 21.3% decrease compared to the same period last year. The operating profit margin decreased from 28.4% in the same period last year to 25.8%.

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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	474,871	137,982	136,477	94,050	198.5	57.7	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	505,243	149,775	149,588	105,924	223.5	59.1	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	539,574	155,937	156,168	109,460	231.0	58.9	Nov 8, 2024	J-GAAP
YoY	+6.8%	+4.1%	+4.4%	+3.3%	+3.3%

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	ー	ー	ー	ー	－	35	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	539,574	155,937	156,168	109,460	231.0	35	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	462,449	104,891	103,523	71,247	150.3	31	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	460,426	111,063	108,832	80,540	170.0	35	Nov 8, 2024	J-GAAP
YoY	-0.4%	+5.9%	+5.1%	+13.0%	+13.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	939,904	241,274	236,651	161,925	341.7	52	May 11, 2023	J-GAAP
Mar, 2024	967,692	254,666	253,111	177,171	373.8	60	May 9, 2024	J-GAAP
Mar, 2025 Guidance	1,000,000	267,000	265,000	190,000	401.1	70	May 9, 2024	J-GAAP
YoY	+3.3%	+4.8%	+4.7%	+7.2%	+7.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	252,105	71,624	67,517	49,044	103.5	28.4	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	221,215	54,223	57,789	39,668	83.7	24.5	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	241,234	50,668	45,734	31,579	66.6	21.0	May 9, 2024	J-GAAP
Apr - Jun, 2024	315,718	98,124	103,032	74,539	157.3	31.1	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	223,856	57,813	53,136	34,921	73.7	25.8	Nov 8, 2024	J-GAAP
YoY	-11.2%	-19.3%	-21.3%	-28.8%	-28.8%