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JAPAN INSULATION CO.,LTD., First Half Ordinary Profit Decreases by 44%

Wed Nov 13, 2024 3:00 pm JST Earnings

5368 JAPAN INSULATION CO.,LTD. 【J-GAAP】

Earnings Report

JAPAN INSULATION CO.,LTD. <5368> [TSE-S] announced its financial results in the afternoon session on November 13th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 43.8% from the same period last year to 406 million yen, fell short of the previous forecast of 534 million yen.

The progress rate against the 1.13 billion yen full-year plan was 35.7%, also falling below the five-year average of 45.1%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to nearly flat at 732 million yen, down 0.8% from the same period last year.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 201 million yen, a 56.4% decrease compared to the same period last year. The operating profit margin significantly dropped from 13.9% in the same period last year to 7.2%.

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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 5,833 508 497 319 36.9 43.5 Nov 11, 2022 J-GAAP
Apr - Sep, 2023 6,179 725 722 471 54.5 49.5 Nov 13, 2023 J-GAAP
Apr - Sep, 2024 5,674 389 406 317 36.7 35.7 Nov 13, 2024 J-GAAP
YoY -8.2% -46.3% -43.8% -32.7% -32.6%

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 5,878 556 534 394 45.7 0 May 13, 2024 J-GAAP
Apr - Sep, 2024 Results 5,674 389 406 317 36.7 0 Nov 13, 2024 J-GAAP
Revision Rate -3.5% -30.0% -24.0% -19.5% -19.6%

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 6,358 733 738 504 58.3 40 May 13, 2024 J-GAAP
Oct - Mar, 2024 Guidance 6,873 797 732 450 52.0 37 Nov 13, 2024 J-GAAP
YoY +8.1% +8.7% -0.8% -10.7% -10.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 12,320 1,145 1,142 723 83.7 37 May 12, 2023 J-GAAP
Mar, 2024 12,537 1,458 1,460 975 112.7 40 May 13, 2024 J-GAAP
Mar, 2025 Guidance 12,547 1,186 1,138 767 88.6 37 May 13, 2024 J-GAAP
YoY +0.1% -18.7% -22.1% -21.3% -21.4%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 3,211 446 461 305 35.3 13.9 Nov 13, 2023 J-GAAP
Oct - Dec, 2023 3,057 344 360 251 29.1 11.3 Feb 13, 2024 J-GAAP
Jan - Mar, 2024 3,301 389 378 253 29.3 11.8 May 13, 2024 J-GAAP
Apr - Jun, 2024 2,809 182 205 132 15.3 6.5 Aug 9, 2024 J-GAAP
Jul - Sep, 2024 2,865 207 201 185 21.4 7.2 Nov 13, 2024 J-GAAP
YoY -10.8% -53.6% -56.4% -39.3% -39.2%

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