Hiroshima Electric Railway Co.,Ltd., The Current Fiscal Year Ordinary Profit Loss to Narrow, Dividend Revised Upward by 2 yen

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Wed Nov 13, 2024 1:30 pm JST Earnings

9033 Hiroshima Electric Railway Co.,Ltd. 【J-GAAP】

Earnings Report

Hiroshima Electric Railway Co.,Ltd. <9033> [TSE-S] announced its financial results in the afternoon session on November 13th (13:30). The consolidated ordinary loss for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to a loss of 490 million yen (compared to a loss of 149 million yen in the same period last year).

However, the full-year consolidated ordinary profit/loss has been revised upward from an expected loss of 1.25 billion yen to a loss of 1.05 billion yen (compared to a loss of 970 million yen in the previous period), indicating a reduction in the loss margin.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary loss for the October to March period (second half) is expected to further decrease to loss of 560 million yen (compared to a loss of 821 million yen in the same period last year).

In light of the strong performance, the company has significantly increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 6 yen to 8 yen (compared to 6 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary loss expanded to a loss of 472 million yen (compared to a loss of 126 million yen in the same period last year). The operating profit/loss margin drastically worsened from -1.1% in the same period last year to -5.4%.

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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	12,965	-1,585	-1,493	-42	-1.4	ー	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	14,174	-167	-149	234	7.7	ー	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	16,373	-588	-490	-335	-11.1	ー	Nov 13, 2024	J-GAAP
YoY	+15.5%	-252.1%	-228.9%	－	－

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	16,373	-588	-490	-335	-11.0	0	Nov 5, 2024	J-GAAP
Apr - Sep, 2024 Results	16,373	-588	-490	-335	-11.1	0	Nov 13, 2024	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	0.0%	-0.2%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	33,010	-1,360	-1,250	840	27.7	6	May 14, 2024	J-GAAP
Mar, 2025 New	33,630	-1,160	-1,050	1,250	41.2	8	Nov 13, 2024	J-GAAP
Revision Rate	+1.9%	+14.7%	+16.0%	+48.8%	+48.8%

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	16,292	-921	-821	422	13.9	6	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	17,257	-572	-560	1,585	52.2	8	Nov 13, 2024	J-GAAP
YoY	+5.9%	+37.9%	+31.8%	+275.6%	+275.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	27,450	-3,212	-3,027	943	31.1	6	May 15, 2023	J-GAAP
Mar, 2024	30,466	-1,088	-970	656	21.6	6	May 14, 2024	J-GAAP
Mar, 2025 Guidance	33,630	-1,160	-1,050	1,250	41.2	8	Nov 13, 2024	J-GAAP
YoY	+10.4%	-6.6%	-8.2%	+90.5%	+90.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	7,359	-78	-126	65	2.1	-1.1	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	7,222	-261	-193	-290	-9.6	-3.6	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	9,070	-660	-628	712	23.5	-7.3	May 14, 2024	J-GAAP
Apr - Jun, 2024	8,001	-140	-18	21	0.7	-1.7	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	8,372	-448	-472	-356	-11.7	-5.4	Nov 13, 2024	J-GAAP
YoY	+13.8%	-474.4%	-274.6%	－	－