OCEAN SYSTEM CORPORATION, First Half Ordinary Profit Unexpectedly Revised Upward by 1%

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Thu Nov 14, 2024 3:00 pm JST Earnings

3096 OCEAN SYSTEM CORPORATION 【J-GAAP】

Earnings Report

OCEAN SYSTEM CORPORATION <3096> [TSE-S] announced its financial results in the afternoon session on November 14th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 1.06 billion yen, a 0.6% increase compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 16.8% decrease.

The progress rate against the 1.78 billion yen full-year plan was 59.8%, also surpassing the five-year average of 50.3%.

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 decrease by 25.7% from the same period last year to 716 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 440 million yen, a 2.0% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 2.0% in the same period last year to 1.9%.

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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	38,318	650	688	402	42.7	55.6	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	41,727	1,017	1,058	774	82.3	52.3	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	44,513	1,024	1,064	703	74.7	59.8	Nov 14, 2024	J-GAAP
YoY	+6.7%	+0.7%	+0.6%	-9.2%	-9.2%

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	44,500	850	880	610	64.8	7	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	44,513	1,024	1,064	703	74.7	7	Nov 14, 2024	J-GAAP
Revision Rate	+0.0%	+20.5%	+20.9%	+15.2%	+15.3%

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	44,172	902	964	563	59.8	12	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	46,087	676	716	487	51.7	7	Nov 14, 2024	J-GAAP
YoY	+4.3%	-25.1%	-25.7%	-13.5%	-13.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	77,710	1,128	1,238	358	38.1	14	May 12, 2023	J-GAAP
Mar, 2024	85,899	1,919	2,022	1,337	142.1	19	May 14, 2024	J-GAAP
Mar, 2025 Guidance	90,600	1,700	1,780	1,190	126.4	14	May 14, 2024	J-GAAP
YoY	+5.5%	-11.4%	-12.0%	-11.0%	-11.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	20,958	426	449	273	29.0	2.0	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	22,977	731	759	501	53.2	3.2	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	21,195	171	205	62	6.6	0.8	May 14, 2024	J-GAAP
Apr - Jun, 2024	22,367	607	624	430	45.7	2.7	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	22,146	417	440	273	29.0	1.9	Nov 14, 2024	J-GAAP
YoY	+5.7%	-2.1%	-2.0%	0.0%	0.0%