TSUBAKI NAKASHIMA CO.,LTD., The Current Fiscal Year Net Income Revised Downward to a Loss, Dividend Revised down by 10 yen

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Mon Nov 11, 2024 4:00 pm JST Earnings

6464 TSUBAKI NAKASHIMA CO.,LTD. 【IFRS】

Earnings Report

TSUBAKI NAKASHIMA CO.,LTD. <6464> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 11th (16:00). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2024 (January to September) dropped by 38.1% from the same period last year to 738 million yen.

In addition, the full-year consolidated net income/loss has been revised downward from an expected profit of 3.96 billion yen to a loss of 1.7 billion yen (compared to a loss of 1.28 billion yen in the previous period), turning to a loss outlook.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income/loss for the July to December period (second half) has been revised downward from an expected profit of 2.25 billion yen to a loss of 3.4 billion yen (compared to a loss of 2.19 billion yen in the same period of the previous year), turning to a loss outlook.

Due to a decline in performance, the company has reduced its planned annual dividend for the current fiscal year from the original plan of 35 yen to 25 yen (compared to 13 yen in the previous period).

In the most recent three-month period, from July to September (3Q), the consolidated net income/loss turned to a loss of 965 million yen (compared to a profit of 281 million yen in the same period last year). The operating profit margin worsened from 5.0% in the same period last year to 2.2%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	58,409	2,662	2,974	1,494	36.9	ー	Nov 11, 2022	IFRS
Jan - Sep, 2023	56,552	2,778	2,682	1,192	30.0	2,373.5	Nov 10, 2023	IFRS
Jan - Sep, 2024	58,323	2,573	1,583	738	18.5	ー	Nov 11, 2024	IFRS
YoY	+3.1%	-7.4%	-41.0%	-38.1%	-38.2%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	36,996	4,690	2,886	2,257	56.7	20	Aug 9, 2024	IFRS
Jul - Dec, 2024 New	34,696	-1,670	-3,664	-3,403	-85.4	10	Nov 11, 2024	IFRS
Revision Rate	-6.2%	－	－	－	－

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	77,300	6,860	5,650	3,960	99.4	35	May 13, 2024	IFRS
Dec, 2024 New	75,000	500	-900	-1,700	-42.7	25	Nov 11, 2024	IFRS
Revision Rate	-3.0%	-92.7%	－	－	－

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	42,642	-988	-1,635	-2,198	-55.3	0	Feb 9, 2024	IFRS
Jul - Dec, 2024 Guidance	34,696	-1,670	-3,664	-3,403	-85.4	10	Nov 11, 2024	IFRS
YoY	-18.6%	-69.0%	-124.1%	-54.8%	-54.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	79,036	-9,065	-9,648	-9,089	-225.4	30	Feb 20, 2023	IFRS
Dec, 2023	80,337	853	113	-1,287	-32.4	13	Feb 9, 2024	IFRS
Dec, 2024 Guidance	75,000	500	-900	-1,700	-42.7	25	Nov 11, 2024	IFRS
YoY	-6.6%	-41.4%	－	-32.1%	-31.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	18,857	937	934	281	7.1	5.0	Nov 10, 2023	IFRS
Oct - Dec, 2023	23,785	-1,925	-2,569	-2,479	-62.4	-8.1	Feb 9, 2024	IFRS
Jan - Mar, 2024	19,966	1,507	1,098	906	22.8	7.5	May 13, 2024	IFRS
Apr - Jun, 2024	20,338	663	1,666	797	20.0	3.3	Aug 9, 2024	IFRS
Jul - Sep, 2024	18,019	403	-1,181	-965	-24.2	2.2	Nov 11, 2024	IFRS
YoY	-4.4%	-57.0%	－	－	－