TRUST CO., LTD., First Half Ordinary Profit Unexpectedly Revised Upward by 15%

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Mon Nov 11, 2024 4:00 pm JST Earnings

3347 TRUST CO., LTD. 【J-GAAP】

Earnings Report

TRUST CO., LTD. <3347> [TSE-S] announced its financial results after the market closed on November 11th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 15.2% from the same period last year, reaching 1.79 billion yen, resulting in an increase in profits compared to the previous forecast of a 15.3% decrease.

The progress rate against the 2.9 billion yen full-year plan was 61.9%, also surpassing the five-year average of 46.4%.

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 decrease by 11.5% from the same period last year to 1.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 8.8% from the same period last year, reaching 961 million yen. The operating profit margin improved from 8.7% in the same period last year to 9.9%.

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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	17,954	1,507	1,809	1,032	39.9	73.3	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	19,407	1,481	1,559	612	23.7	55.6	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	24,041	2,015	1,796	589	22.8	61.9	Nov 11, 2024	J-GAAP
YoY	+23.9%	+36.1%	+15.2%	-3.8%	-3.8%

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	21,400	1,400	1,320	500	19.3	3	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	24,041	2,015	1,796	589	22.8	3	Nov 11, 2024	J-GAAP
Revision Rate	+12.3%	+43.9%	+36.1%	+17.8%	+18.0%

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	21,683	1,333	1,247	502	19.4	3	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	20,459	1,045	1,104	541	20.9	3	Nov 11, 2024	J-GAAP
YoY	-5.6%	-21.6%	-11.5%	+7.8%	+7.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	34,284	2,377	2,467	1,246	48.2	6	May 12, 2023	J-GAAP
Mar, 2024	41,090	2,814	2,806	1,114	43.1	6	May 14, 2024	J-GAAP
Mar, 2025 Guidance	44,500	3,060	2,900	1,130	43.7	6	May 14, 2024	J-GAAP
YoY	+8.3%	+8.7%	+3.3%	+1.4%	+1.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	10,063	872	883	333	12.9	8.7	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	10,414	614	505	152	5.9	5.9	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	11,269	719	742	350	13.5	6.4	May 14, 2024	J-GAAP
Apr - Jun, 2024	11,711	799	835	354	13.7	6.8	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	12,330	1,216	961	235	9.1	9.9	Nov 11, 2024	J-GAAP
YoY	+22.5%	+39.4%	+8.8%	-29.4%	-29.5%