MARUHACHI HOLDINGS CO., LTD., First Half Ordinary Profit Decreases by 46%, July-September Ordinary Profit Turns to Loss

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Wed Nov 13, 2024 4:00 pm JST Earnings

3504 MARUHACHI HOLDINGS CO., LTD. 【J-GAAP】

Earnings Report

MARUHACHI HOLDINGS CO., LTD. <3504> [NSE-M] announced its financial results after the market closed on November 13th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 46.5% from the same period last year to 1.25 billion yen. The progress rate against the 2.56 billion yen full-year plan was 48.8%, also falling below the five-year average of 56.5%.

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 grow by 20.8% from the same period last year, reaching 1.31 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 493 million yen (compared to a profit of 1 billion yen in the same period last year). The operating profit margin decreased from 15.2% in the same period last year to 11.1%.

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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	5,811	709	2,268	1,293	83.5	71.1	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	6,036	957	2,338	1,460	94.3	68.3	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	5,933	717	1,251	1,210	78.1	48.8	Nov 13, 2024	J-GAAP
YoY	-1.7%	-25.1%	-46.5%	-17.1%	-17.1%

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	5,775	753	1,394	1,335	86.1	0	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	5,933	717	1,251	1,210	78.1	0	Nov 13, 2024	J-GAAP
Revision Rate	+2.7%	-4.8%	-10.3%	-9.4%	-9.3%

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	5,793	476	1,087	867	56.0	30	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	5,725	571	1,313	898	57.9	30	Nov 13, 2024	J-GAAP
YoY	-1.2%	+20.0%	+20.8%	+3.6%	+3.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	12,105	1,515	3,192	2,968	191.6	30	May 12, 2023	J-GAAP
Mar, 2024	11,829	1,433	3,425	2,327	150.2	30	May 14, 2024	J-GAAP
Mar, 2025 Guidance	11,658	1,288	2,564	2,108	136.0	30	May 14, 2024	J-GAAP
YoY	-1.4%	-10.1%	-25.1%	-9.4%	-9.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,834	432	1,009	720	46.5	15.2	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	3,279	556	867	589	38.0	17.0	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	2,514	-80	220	278	17.9	-3.2	May 14, 2024	J-GAAP
Apr - Jun, 2024	3,132	405	1,744	1,824	117.8	12.9	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	2,801	312	-493	-614	-39.7	11.1	Nov 13, 2024	J-GAAP
YoY	-1.2%	-27.8%	－	－	－