Meiwa Estate Company Limited, First Half Ordinary Profit Increases by 82%

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Mon Nov 11, 2024 3:30 pm JST Earnings

8869 Meiwa Estate Company Limited 【J-GAAP】

Earnings Report

Meiwa Estate Company Limited <8869> [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) expanded to 2.16 billion yen, an increase of 82.0% compared to the same period last year. The progress rate against the 3.6 billion yen full-year plan was 60.1%, also surpassing the five-year average of 43.2%.

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 drop by 48.7% from the same period last year to 1.43 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 277 million yen, a 44.9% decrease compared to the same period last year. The operating profit margin worsened from 4.9% in the same period last year to 4.3%.

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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	17,684	71	-527	-421	-18.0	ー	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	30,048	1,723	1,188	1,110	47.4	29.8	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	34,825	2,704	2,162	1,644	70.1	60.1	Nov 11, 2024	J-GAAP
YoY	+15.9%	+56.9%	+82.0%	+48.1%	+48.0%

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	ー	ー	ー	ー	－	0	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	34,825	2,704	2,162	1,644	70.1	0	Nov 11, 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	41,202	3,250	2,802	1,671	71.3	40	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	44,175	1,996	1,438	856	36.5	40	Nov 11, 2024	J-GAAP
YoY	+7.2%	-38.6%	-48.7%	-48.8%	-48.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	62,319	5,941	4,989	4,415	188.3	45	May 11, 2023	J-GAAP
Mar, 2024	71,250	4,973	3,990	2,781	118.6	40	May 13, 2024	J-GAAP
Mar, 2025 Guidance	79,000	4,700	3,600	2,500	106.6	40	May 13, 2024	J-GAAP
YoY	+10.9%	-5.5%	-9.8%	-10.1%	-10.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	15,990	789	503	525	22.4	4.9	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	7,441	-770	-1,007	-902	-38.6	-10.3	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	33,761	4,020	3,809	2,573	109.8	11.9	May 13, 2024	J-GAAP
Apr - Jun, 2024	21,252	2,120	1,885	1,573	67.1	10.0	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	13,573	584	277	71	3.0	4.3	Nov 11, 2024	J-GAAP
YoY	-15.1%	-26.0%	-44.9%	-86.5%	-86.5%