Sumitomo Metal Mining Co., Ltd., The Current Fiscal Year Net Income Revised Downward by 8%

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Tue Nov 12, 2024 3:30 pm JST Earnings

5713 Sumitomo Metal Mining Co., Ltd. 【IFRS】

Earnings Report

Sumitomo Metal Mining Co., Ltd. <5713> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 12th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 22.9% from the same period last year, reaching 46.5 billion yen.

However, the full-year consolidated net income has downwardly by 8.2%, from the previous forecast of 73 billion yen to 67 billion yen (compared to 58.6 billion yen in the previous period), leading to a reduction in the profit growth rate from 24.6% to 14.3%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to decrease by 1.2% from the same period last year to 20.4 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income increased by 42.7% from the same period last year, reaching 24.4 billion yen.

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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	710,627	ー	169,106	119,059	433.3	73.6	Nov 8, 2022	IFRS
Apr - Sep, 2023	717,145	ー	53,779	37,852	137.8	56.1	Nov 8, 2023	IFRS
Apr - Sep, 2024	800,125	ー	72,991	46,503	169.3	76.0	Nov 12, 2024	IFRS
YoY	+11.6%	－	+35.7%	+22.9%	+22.9%

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	－	49	May 9, 2024	IFRS
Apr - Sep, 2024 Results	800,125	ー	72,991	46,503	169.3	49	Nov 12, 2024	IFRS
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,553,000	ー	111,000	73,000	265.4	99	Aug 7, 2024	IFRS
Mar, 2025 New	1,555,000	ー	96,000	67,000	243.6	99	Nov 12, 2024	IFRS
Revision Rate	+0.1%	－	-13.5%	-8.2%	-8.2%

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	728,243	ー	42,016	20,749	75.5	63	May 9, 2024	IFRS
Oct - Mar, 2024 Guidance	754,875	ー	23,009	20,497	74.5	50	Nov 12, 2024	IFRS
YoY	+3.7%	－	-45.2%	-1.2%	-1.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,422,989	ー	229,910	160,585	584.4	205	May 10, 2023	IFRS
Mar, 2024	1,445,388	ー	95,795	58,601	213.3	98	May 9, 2024	IFRS
Mar, 2025 Guidance	1,555,000	ー	96,000	67,000	243.6	99	Nov 12, 2024	IFRS
YoY	+7.6%	－	+0.2%	+14.3%	+14.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	347,955	ー	26,646	17,120	62.3	0.0	Nov 8, 2023	IFRS
Oct - Dec, 2023	367,894	ー	33,580	20,474	74.5	0.0	Feb 8, 2024	IFRS
Jan - Mar, 2024	360,349	ー	8,436	275	1.0	0.0	May 9, 2024	IFRS
Apr - Jun, 2024	410,297	ー	30,688	22,075	80.3	0.0	Aug 7, 2024	IFRS
Jul - Sep, 2024	389,828	ー	42,303	24,428	88.9	0.0	Nov 12, 2024	IFRS
YoY	+12.0%	－	+58.8%	+42.7%	+42.7%