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FULUHASHI EPO CORPORATION, First Half Ordinary Profit Revised Downward to an Unexpected 3%Decrease

Wed Nov 13, 2024 3:30 pm JST Earnings

9221 FULUHASHI EPO CORPORATION 【J-GAAP】

Earnings Report

FULUHASHI EPO CORPORATION <9221> [TSE-S] announced its financial results after the market closed on November 13th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 3.5% from the same period last year to 662 million yen, resulting in a decrease in profits compared to the previous forecast of a 7.9% increase.

The progress rate against the 1.42 billion yen full-year plan was 46.6%, also falling below the same period of the previous year of 55.1%.

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 expand by 35.4% from the same period last year, reaching 758 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 228 million yen, a 16.8% decrease compared to the same period last year. The operating profit margin decreased from 11.8% in the same period last year to 10.0%.

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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 3,950 381 420 300 30.8 40.0 Nov 14, 2022 J-GAAP
Apr - Sep, 2023 4,208 491 686 482 41.1 55.1 Nov 14, 2023 J-GAAP
Apr - Sep, 2024 4,478 444 662 444 37.8 46.6 Nov 13, 2024 J-GAAP
YoY +6.4% -9.6% -3.5% -7.9% -8.0%

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 4,645 519 740 514 43.7 14 May 14, 2024 J-GAAP
Apr - Sep, 2024 Results 4,478 444 662 444 37.8 14 Nov 13, 2024 J-GAAP
Revision Rate -3.6% -14.5% -10.5% -13.6% -13.4%

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 4,545 548 560 -219 -18.7 13 May 14, 2024 J-GAAP
Oct - Mar, 2024 Guidance 5,066 736 758 541 46.7 14 Nov 13, 2024 J-GAAP
YoY +11.5% +34.3% +35.4% － －

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 8,076 839 1,049 743 75.0 25 May 15, 2023 J-GAAP
Mar, 2024 8,753 1,039 1,246 263 22.4 26 May 14, 2024 J-GAAP
Mar, 2025 Guidance 9,544 1,180 1,420 985 85.1 28 May 14, 2024 J-GAAP
YoY +9.0% +13.6% +14.0% +274.5% +279.7%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 2,135 252 274 193 16.5 11.8 Nov 14, 2023 J-GAAP
Oct - Dec, 2023 2,302 357 363 235 20.0 15.5 Feb 14, 2024 J-GAAP
Jan - Mar, 2024 2,243 191 197 -454 -38.7 8.5 May 14, 2024 J-GAAP
Apr - Jun, 2024 2,224 218 434 281 23.9 9.8 Aug 9, 2024 J-GAAP
Jul - Sep, 2024 2,254 226 228 163 13.9 10.0 Nov 13, 2024 J-GAAP
YoY +5.6% -10.3% -16.8% -15.5% -15.7%

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