Mitsubishi Paper Mills Limited, First Half Net Income Revised Downward to a Loss

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Wed Nov 13, 2024 3:30 pm JST Earnings

3864 Mitsubishi Paper Mills Limited 【J-GAAP】

Earnings Report

Mitsubishi Paper Mills Limited <3864> [TSE-P] announced its financial results after the market closed on November 13th (15:30). The consolidated net income/loss for the cumulative second quarter of the fiscal year ending March 2025 (April to September) turned into a loss of 232 million yen (compared to a profit of 1.63 billion yen in the same period last year), reversing from the forecast of a 1.5 billion yen to a loss

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to surge by 3.3 times that of the same period last year, reaching 8.23 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income/loss turned to a loss of 209 million yen (compared to a profit of 721 million yen in the same period last year). The operating profit margin worsened from 3.5% in the same period last year to 2.3%.

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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	100,364	-435	1,504	-288	-6.5	48.7	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	96,703	1,995	3,526	1,638	37.5	49.7	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	88,400	934	450	-232	-5.3	5.6	Nov 13, 2024	J-GAAP
YoY	-8.6%	-53.2%	-87.2%	－	－

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	94,000	2,500	2,500	1,500	34.2	0	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	88,400	934	450	-232	-5.3	0	Nov 13, 2024	J-GAAP
Revision Rate	-6.0%	-62.6%	-82.0%	－	－

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	96,759	3,415	3,572	2,532	57.9	10	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	108,600	7,066	7,550	8,232	187.8	10	Nov 13, 2024	J-GAAP
YoY	+12.2%	+106.9%	+111.4%	+225.1%	+224.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	209,542	968	3,089	-571	-13.0	5	May 11, 2023	J-GAAP
Mar, 2024	193,462	5,410	7,098	4,170	95.3	10	May 13, 2024	J-GAAP
Mar, 2025 Guidance	197,000	8,000	8,000	8,000	182.5	10	May 13, 2024	J-GAAP
YoY	+1.8%	+47.9%	+12.7%	+91.8%	+91.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	47,386	1,669	1,976	721	16.5	3.5	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	47,966	887	806	-2,097	-48.0	1.8	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	48,793	2,528	2,766	4,629	105.8	5.2	May 13, 2024	J-GAAP
Apr - Jun, 2024	45,003	-70	354	-23	-0.5	-0.2	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	43,397	1,004	96	-209	-4.8	2.3	Nov 13, 2024	J-GAAP
YoY	-8.4%	-39.8%	-95.1%	－	－