MIYAIRI VALVE MFG.CO., LTD., First Half Net Income Turns to Loss, July-September Net Income Decreases by 69%

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Fri Nov 8, 2024 4:15 pm JST Earnings

6495 MIYAIRI VALVE MFG.CO., LTD. 【J-GAAP】

Earnings Report

MIYAIRI VALVE MFG.CO., LTD. <6495> [TSE-S] announced its financial results after the market closed on November 8th (16:15). The net income/loss (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) turned into a loss of 114 million yen (compared to a profit of 80 million yen in the same period last year).

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the net income for the October to March period (second half) is expected to grow by 18.8% from the same period last year, reaching 114 million yen.

In the most recent three-month period, from July to September (2Q), the net income significantly dropped to 15 million yen, a 69.4% decrease compared to the same period last year. The operating profit/loss margin drastically worsened from 4.1% in the same period last year to -0.7%.

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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	3,201	81	81	52	1.1	31.5	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	2,842	112	111	80	1.7	53.4	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	3,213	14	13	-114	-2.4	8.1	Nov 8, 2024	J-GAAP
YoY	+13.1%	-87.5%	-88.3%	－	－

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	2,800	80	70	-100	-2.1	0	Jun 27, 2024	J-GAAP
Apr - Sep, 2024 Results	3,213	14	13	-114	-2.4	0	Nov 8, 2024	J-GAAP
Revision Rate	+14.8%	-82.5%	-81.4%	-14.0%	-14.4%

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	3,315	98	97	96	2.0	2	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	2,987	166	147	114	0.0	2	Nov 8, 2024	J-GAAP
YoY	-9.9%	+69.4%	+51.5%	+18.8%	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	6,331	264	257	233	4.9	2	May 15, 2023	J-GAAP
Mar, 2024	6,157	210	208	176	3.7	2	May 15, 2024	J-GAAP
Mar, 2025 Guidance	6,200	180	160	0	0.0	2	Jun 27, 2024	J-GAAP
YoY	+0.7%	-14.3%	-23.1%	－	－

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,369	56	54	49	1.0	4.1	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	1,690	69	68	65	1.4	4.1	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	1,625	29	29	31	0.7	1.8	May 15, 2024	J-GAAP
Apr - Jun, 2024	1,551	26	26	-129	-2.7	1.7	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	1,662	-12	-13	15	0.3	-0.7	Nov 8, 2024	J-GAAP
YoY	+21.4%	－	－	-69.4%	-69.9%