Japan Display Inc., The Current Fiscal Year Net Income Loss Widened in Downward Revision, 46% Deficit Against Net Assets

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Wed Nov 13, 2024 3:30 pm JST Earnings

6740 Japan Display Inc. 【J-GAAP】

Earnings Report

Japan Display Inc. <6740> [TSE-P] announced its financial results after the market closed on November 13th (15:30). The consolidated net loss for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was a reduced loss of 16.8 billion yen (compared to a loss of 28.7 billion yen in the same period last year).

However, the full-year consolidated net income/loss has been revised downward from an expected loss of 26.6 billion yen to a loss of 39.3 billion yen (compared to a loss of 44.3 billion yen in the previous period), indicating an expansion in the loss margin The deficit amounted to a 45.9% impairment of net assets at the end of the previous fiscal year..

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net loss for the October to March period (second half) is expected to expand to a loss of 22.4 billion yen (compared to a loss of 15.6 billion yen in the same period last year).

In the most recent three-month period, from July to September (2Q), the consolidated net loss improved to a deficit of loss of 10.3 billion yen (compared to a loss of 16.4 billion yen in the same period last year). However, the operating profit/loss margin drastically worsened from -11.3% in the same period last year to -18.0%.

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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	138,296	-11,779	-8,401	-11,633	-2.5	ー	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	119,882	-21,441	-19,113	-28,707	-4.6	ー	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	102,913	-15,481	-17,331	-16,821	-2.7	ー	Nov 13, 2024	J-GAAP
YoY	-14.2%	+27.8%	+9.3%	+41.4%	+41.4%

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	104,500	-15,300	-17,900	-17,000	-4.4	0	Aug 9, 2024	J-GAAP
Apr - Sep, 2024 Results	102,913	-15,481	-17,331	-16,821	-2.7	0	Nov 13, 2024	J-GAAP
Revision Rate	-1.5%	-1.2%	+3.2%	+1.1%	+37.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	221,800	-18,200	-24,300	-26,600	-6.9	0	May 13, 2024	J-GAAP
Mar, 2025 New	180,000	-31,700	-36,800	-39,300	-10.1	0	Nov 13, 2024	J-GAAP
Revision Rate	-18.8%	-74.2%	-51.4%	-47.7%	-47.9%

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	119,271	-12,704	-14,075	-15,606	-2.5	0	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	77,087	-16,219	-19,469	-22,479	-5.8	0	Nov 13, 2024	J-GAAP
YoY	-35.4%	-27.7%	-38.3%	-44.0%	-129.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	270,746	-44,386	-42,924	-25,818	-5.5	0	May 12, 2023	J-GAAP
Mar, 2024	239,153	-34,145	-33,188	-44,313	-7.2	0	May 13, 2024	J-GAAP
Mar, 2025 Guidance	180,000	-31,700	-36,800	-39,300	-10.1	0	Nov 13, 2024	J-GAAP
YoY	-24.7%	+7.2%	-10.9%	+11.3%	-41.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	66,886	-7,558	-7,033	-16,459	-2.7	-11.3	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	60,492	-6,223	-7,335	-9,277	-1.5	-10.3	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	58,779	-6,481	-6,740	-6,329	-1.0	-11.0	May 13, 2024	J-GAAP
Apr - Jun, 2024	55,917	-7,043	-7,855	-6,504	-1.1	-12.6	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	46,996	-8,438	-9,476	-10,317	-1.7	-18.0	Nov 13, 2024	J-GAAP
YoY	-29.7%	-11.6%	-34.7%	+37.3%	+37.2%