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WATAMI CO.,LTD., First Half Ordinary Profit Decreases by 44%

Thu Nov 14, 2024 3:00 pm JST Earnings

7522 WATAMI CO.,LTD. 【J-GAAP】

Earnings Report

WATAMI CO.,LTD. <7522> [TSE-P] 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) dropped by 44.3% from the same period last year to 1.88 billion yen, fell short of the previous forecast of 2.43 billion yen.

The progress rate against the 4.6 billion yen full-year plan was 41.0%, also falling below the same period of the previous year of 56.7%.

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 4.8% from the same period last year, reaching 2.71 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 286 million yen (compared to a profit of 1.34 billion yen in the same period last year). However, the operating profit margin improved from 3.8% in the same period last year to 5.3%.

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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 39,050 923 4,182 3,229 79.5 107.7 Nov 11, 2022 J-GAAP
Apr - Sep, 2023 40,314 1,808 3,385 2,799 70.0 56.7 Nov 14, 2023 J-GAAP
Apr - Sep, 2024 43,386 2,229 1,901 1,457 30.4 41.3 Nov 14, 2024 J-GAAP
YoY +7.6% +23.3% -43.8% -47.9% -56.6%

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 43,200 2,030 2,430 2,100 52.4 0 Aug 9, 2024 J-GAAP
Apr - Sep, 2024 Results 43,386 2,229 1,901 1,457 30.4 0 Nov 14, 2024 J-GAAP
Revision Rate +0.4% +9.8% -21.8% -30.6% -42.1%

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 41,988 1,945 2,589 1,391 30.8 10 May 13, 2024 J-GAAP
Oct - Mar, 2024 Guidance 44,714 1,871 2,699 2,243 56.0 10 Nov 14, 2024 J-GAAP
YoY +6.5% -3.8% +4.2% +61.3% +82.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 77,922 1,474 3,883 1,674 41.3 7.50 May 12, 2023 J-GAAP
Mar, 2024 82,302 3,753 5,974 4,190 92.7 10 May 13, 2024 J-GAAP
Mar, 2025 Guidance 88,100 4,100 4,600 3,700 92.4 10 Aug 9, 2024 J-GAAP
YoY +7.0% +9.2% -23.0% -11.7% -0.3%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 20,623 788 1,340 1,017 25.4 3.8 Nov 14, 2023 J-GAAP
Oct - Dec, 2023 22,241 1,594 1,289 853 19.2 7.2 Feb 9, 2024 J-GAAP
Jan - Mar, 2024 19,747 351 1,300 538 11.9 1.8 May 13, 2024 J-GAAP
Apr - Jun, 2024 21,414 1,051 2,176 1,707 39.6 4.9 Aug 9, 2024 J-GAAP
Jul - Sep, 2024 21,972 1,178 -275 -250 -5.2 5.4 Nov 14, 2024 J-GAAP
YoY +6.5% +49.5% － － －

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