MATSUI CONSTRUCTION CO., LTD., First Half Ordinary Profit Decreases by 28%, July-September Ordinary Profit Decreases by 33%

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Wed Nov 13, 2024 1:30 pm JST Earnings

1810 MATSUI CONSTRUCTION CO., LTD. 【J-GAAP】

Earnings Report

MATSUI CONSTRUCTION CO., LTD. <1810> [TSE-S] announced its financial results in the afternoon session on November 13th (13:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 28.0% from the same period last year to 655 million yen. The progress rate against the 2.5 billion yen full-year plan was 26.2%, also falling below the five-year average of 62.4%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the October to March period (second half) is expected to turn into a profit of 1.84 billion yen (compared to a loss of 143 million yen in the same period last year).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 345 million yen, a 32.7% decrease compared to the same period last year. The operating profit margin worsened from 1.8% in the same period last year to 1.2%.

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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	42,189	1,011	1,225	809	27.3	45.3	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	45,810	630	910	696	23.8	118.6	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	45,810	403	655	536	18.5	26.2	Nov 13, 2024	J-GAAP
YoY	0.0%	-36.0%	-28.0%	-23.0%	-22.3%

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	－	15	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	45,810	403	655	536	18.5	15	Nov 13, 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	51,159	-366	-143	465	16.0	13	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	53,190	1,697	1,845	1,164	40.3	15	Nov 13, 2024	J-GAAP
YoY	+4.0%	－	－	+150.3%	+152.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	88,664	2,268	2,702	1,702	57.5	25	May 12, 2023	J-GAAP
Mar, 2024	96,969	264	767	1,161	39.9	26	May 14, 2024	J-GAAP
Mar, 2025 Guidance	99,000	2,100	2,500	1,700	58.8	30	May 14, 2024	J-GAAP
YoY	+2.1%	+695.5%	+225.9%	+46.4%	+47.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	24,656	444	513	411	14.1	1.8	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	25,216	-84	58	119	4.1	-0.3	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	25,943	-282	-201	346	11.9	-1.1	May 14, 2024	J-GAAP
Apr - Jun, 2024	21,761	124	310	248	8.6	0.6	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	24,049	279	345	288	10.0	1.2	Nov 13, 2024	J-GAAP
YoY	-2.5%	-37.2%	-32.7%	-29.9%	-29.3%