Japan Petroleum Exploration Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Downward by 6%

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Wed Nov 13, 2024 2:00 pm JST Earnings

1662 Japan Petroleum Exploration Co., Ltd. 【J-GAAP】

Earnings Report

Japan Petroleum Exploration Co., Ltd. <1662> [TSE-P] announced its financial results in the afternoon session on November 13th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 34.0% from the same period last year to 25.8 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 6.2%, from the previous forecast of 57.8 billion yen to 54.2 billion yen (compared to 68.8 billion yen in the previous period), leading to an increase in the profit decline rate from 16.0% to 21.2%. However, the full-year consolidated net income has been revised upward by 78.4%, from the previous forecast of 44 billion yen to 78.5 billion yen (compared to 53.6 billion yen in the previous period), reaches new record high for the first time in two terms, turning to a 46.3% increase in the consolidated net income outlook.

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 decrease by 4.3% from the same period last year to 28.3 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 9.25 billion yen, a 55.8% decrease compared to the same period last year. The operating profit margin decreased from 17.4% in the same period last year to 16.8%.

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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	120,708	19,304	43,084	31,430	114.8	51.8	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	150,708	28,501	39,135	27,770	102.4	56.9	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	183,606	28,771	25,815	21,139	81.5	47.6	Nov 13, 2024	J-GAAP
YoY	+21.8%	+0.9%	-34.0%	-23.9%	-20.5%

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	－	25	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	183,606	28,771	25,815	21,139	81.5	25	Nov 13, 2024	J-GAAP
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	358,400	53,800	57,800	44,000	171.8	50	Aug 8, 2024	J-GAAP
Mar, 2025 New	364,000	55,400	54,200	78,500	306.4	50	Nov 13, 2024	J-GAAP
Revision Rate	+1.6%	+3.0%	-6.2%	+78.4%	+78.4%

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	175,155	26,746	29,673	25,891	96.0	35	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	180,394	26,629	28,385	57,361	223.9	25	Nov 13, 2024	J-GAAP
YoY	+3.0%	-0.4%	-4.3%	+121.5%	+133.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	336,492	62,085	83,130	67,394	247.3	74	May 12, 2023	J-GAAP
Mar, 2024	325,863	55,247	68,808	53,661	198.9	60	May 14, 2024	J-GAAP
Mar, 2025 Guidance	364,000	55,400	54,200	78,500	306.4	50	Nov 13, 2024	J-GAAP
YoY	+11.7%	+0.3%	-21.2%	+46.3%	+54.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	89,387	15,598	20,916	14,771	54.5	17.4	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	79,230	11,367	9,027	8,745	32.3	14.3	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	95,925	15,379	20,646	17,146	63.6	16.0	May 14, 2024	J-GAAP
Apr - Jun, 2024	89,465	12,948	16,560	11,493	43.9	14.5	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	94,141	15,823	9,255	9,646	37.2	16.8	Nov 13, 2024	J-GAAP
YoY	+5.3%	+1.4%	-55.8%	-34.7%	-31.8%