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Mori-Gumi Co.,Ltd., First Half Ordinary Profit Decreases by 39%, July-September Ordinary Profit Decreases by 56%

Wed Nov 13, 2024 3:00 pm JST Earnings

1853 Mori-Gumi Co.,Ltd. 【J-GAAP】

Earnings Report

Mori-Gumi Co.,Ltd. <1853> [TSE-S] announced its financial results in the afternoon session on November 13th (15:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 38.6% from the same period last year to 316 million yen. The progress rate against the 1.04 billion yen full-year plan was 30.4%, which was higher than the five-year average of 26.8%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to expand by 39.8% from the same period last year, reaching 724 million yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit significantly dropped to 217 million yen, a 56.3% decrease compared to the same period last year. The operating profit margin drastically worsened from 6.8% in the same period last year to 3.3%.

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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 11,294 97 56 25 0.8 7.0 Nov 9, 2022 J-GAAP
Apr - Sep, 2023 13,254 557 515 339 10.4 49.9 Nov 8, 2023 J-GAAP
Apr - Sep, 2024 15,353 346 316 204 6.2 30.4 Nov 13, 2024 J-GAAP
YoY +15.8% -37.9% -38.6% -39.8% -39.8%

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 － － May 14, 2024 J-GAAP
Apr - Sep, 2024 Results 15,353 346 316 204 6.2 － 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 14,328 515 518 346 10.6 14 May 14, 2024 J-GAAP
Oct - Mar, 2024 Guidance 14,647 694 724 496 15.1 14 Nov 13, 2024 J-GAAP
YoY +2.2% +34.8% +39.8% +43.4% +43.1%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 24,620 833 795 523 16.0 14 May 12, 2023 J-GAAP
Mar, 2024 27,582 1,072 1,033 685 20.9 14 May 14, 2024 J-GAAP
Mar, 2025 Guidance 30,000 1,040 1,040 700 21.4 14 May 14, 2024 J-GAAP
YoY +8.8% -3.0% +0.7% +2.2% +2.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 7,337 497 497 337 10.3 6.8 Nov 8, 2023 J-GAAP
Oct - Dec, 2023 7,423 397 400 270 8.3 5.3 Feb 7, 2024 J-GAAP
Jan - Mar, 2024 6,905 118 118 76 2.3 1.7 May 14, 2024 J-GAAP
Apr - Jun, 2024 7,854 102 99 61 1.9 1.3 Aug 8, 2024 J-GAAP
Jul - Sep, 2024 7,499 244 217 143 4.4 3.3 Nov 13, 2024 J-GAAP
YoY +2.2% -50.9% -56.3% -57.6% -57.6%

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