TAIHEIYO KOUHATSU INCORPORATED, First Half Ordinary Profit Decreases by 42%

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Mon Nov 11, 2024 3:30 pm JST Earnings

8835 TAIHEIYO KOUHATSU INCORPORATED 【J-GAAP】

Earnings Report

TAIHEIYO KOUHATSU INCORPORATED <8835> [TSE-S] announced its financial results after the market closed on November 11th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 41.9% from the same period last year to 279 million yen, fell short of the previous forecast of 356 million yen.

The progress rate against the 932 million yen full-year plan was 29.9%, also falling below the five-year average of 38.8%.

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 20.3% from the same period last year, reaching 653 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 161 million yen, a 41.5% decrease compared to the same period last year. The operating profit margin worsened from 3.2% in the same period last year to 2.7%.

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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	22,945	760	717	519	66.8	54.1	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	20,256	593	480	311	40.0	46.9	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	18,677	404	279	208	26.8	29.9	Nov 11, 2024	J-GAAP
YoY	-7.8%	-31.9%	-41.9%	-33.1%	-33.0%

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	19,460	500	356	222	28.5	－	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	18,677	404	279	208	26.8	－	Nov 11, 2024	J-GAAP
Revision Rate	-4.0%	-19.2%	-21.6%	-6.3%	-6.0%

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	20,848	624	543	315	40.5	39	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	18,273	809	653	428	55.0	39	Nov 11, 2024	J-GAAP
YoY	-12.4%	+29.6%	+20.3%	+35.9%	+35.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	51,016	1,405	1,325	694	89.2	43	May 10, 2023	J-GAAP
Mar, 2024	41,104	1,217	1,023	626	80.6	39	May 10, 2024	J-GAAP
Mar, 2025 Guidance	36,950	1,213	932	636	81.8	39	May 10, 2024	J-GAAP
YoY	-10.1%	-0.3%	-8.9%	+1.6%	+1.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	12,717	401	275	185	23.8	3.2	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	10,886	306	302	185	23.8	2.8	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	9,962	318	241	130	16.7	3.2	May 10, 2024	J-GAAP
Apr - Jun, 2024	8,456	130	118	76	9.8	1.5	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	10,221	274	161	132	17.0	2.7	Nov 11, 2024	J-GAAP
YoY	-19.6%	-31.7%	-41.5%	-28.6%	-28.5%