HEIWA PAPER CO., LTD., First Half Ordinary Profit Decreases by 5%, July-September Ordinary Profit Decreases by 12%

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Wed Nov 13, 2024 4:00 pm JST Earnings

9929 HEIWA PAPER CO., LTD. 【J-GAAP】

Earnings Report

HEIWA PAPER CO., LTD. <9929> [TSE-S] 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) decreased by 4.8% from the same period last year to 80 million yen. The progress rate against the 235 million yen full-year plan was 34.0%, almost the same as the five-year average of 35.9%.

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 13.1% from the same period last year, reaching 155 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 46 million yen, a 11.5% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 1.2% in the same period last year to 1.2%.

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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	7,707	30	50	766	79.4	26.0	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	7,787	51	84	36	3.9	38.0	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	7,716	47	80	38	4.1	34.0	Nov 13, 2024	J-GAAP
YoY	-0.9%	-7.8%	-4.8%	+5.6%	+4.4%

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	ー	ー	ー	ー	－	6	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	7,716	47	80	38	4.1	6	Nov 13, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	8,337	107	137	100	10.6	6	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	9,084	118	155	105	11.1	6	Nov 13, 2024	J-GAAP
YoY	+9.0%	+10.3%	+13.1%	+5.0%	+4.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	16,068	138	192	874	91.4	11	May 10, 2023	J-GAAP
Mar, 2024	16,124	158	221	136	14.4	12	May 13, 2024	J-GAAP
Mar, 2025 Guidance	16,800	165	235	143	15.1	12	May 13, 2024	J-GAAP
YoY	+4.2%	+4.4%	+6.3%	+5.1%	+4.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	3,979	49	52	27	2.9	1.2	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	4,128	62	90	66	7.0	1.5	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	4,209	45	47	34	3.6	1.1	May 13, 2024	J-GAAP
Apr - Jun, 2024	3,769	0	34	9	1.0	0.0	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	3,947	47	46	29	3.1	1.2	Nov 13, 2024	J-GAAP
YoY	-0.8%	-4.1%	-11.5%	+7.4%	+6.1%