TOHBU NETWORK CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 47% Decrease

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Tue Nov 12, 2024 2:30 pm JST Earnings

9036 TOHBU NETWORK CO.,LTD. 【J-GAAP】

Earnings Report

TOHBU NETWORK CO.,LTD. <9036> [TSE-S] announced its financial results in the afternoon session on November 12th (14:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 40.1% from the same period last year to 172 million yen, fell short of the previous forecast of 278 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 53.3%, from the previous forecast of 454 million yen to 212 million yen (compared to 401 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 47.1% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to significant drop by 64.9% from the same period last year to 40 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 64 million yen, a 54.3% decrease compared to the same period last year. The operating profit margin worsened from 5.0% in the same period last year to 2.3%.

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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	5,066	316	337	338	63.1	70.4	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	5,351	262	287	274	52.1	71.6	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	5,458	144	172	-46	-8.1	81.1	Nov 12, 2024	J-GAAP
YoY	+2.0%	-45.0%	-40.1%	－	－

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	5,627	252	278	186	32.6	7.50	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	5,458	144	172	-46	-8.1	7.50	Nov 12, 2024	J-GAAP
Revision Rate	-3.0%	-42.9%	-38.1%	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	11,003	397	454	295	52.3	15	May 14, 2024	J-GAAP
Mar, 2025 New	10,452	176	212	87	15.4	15	Nov 12, 2024	J-GAAP
Revision Rate	-5.0%	-55.7%	-53.3%	-70.5%	-70.5%

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	4,953	53	114	-196	-36.6	12.50	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,994	32	40	133	23.6	7.50	Nov 12, 2024	J-GAAP
YoY	+0.8%	-39.6%	-64.9%	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	9,874	431	479	414	77.7	15	May 9, 2023	J-GAAP
Mar, 2024	10,304	315	401	78	14.6	20	May 14, 2024	J-GAAP
Mar, 2025 Guidance	10,452	176	212	87	15.4	15	Nov 12, 2024	J-GAAP
YoY	+1.4%	-44.1%	-47.1%	+11.5%	+6.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,736	138	140	98	18.6	5.0	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	2,621	37	58	32	6.0	1.4	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	2,332	16	56	-228	-42.6	0.7	May 14, 2024	J-GAAP
Apr - Jun, 2024	2,723	80	108	-71	-12.5	2.9	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	2,735	64	64	25	4.4	2.3	Nov 12, 2024	J-GAAP
YoY	0.0%	-53.6%	-54.3%	-74.5%	-76.3%