Dawn, Sep-Nov (2Q) Ordinary Profit Decreases by 32%

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Thu Jan 9, 2025 2:00 pm JST Earnings

2303 Dawn Corporation 【J-GAAP】

Earnings Report

Dawn Corporation <2303> [TSE Std] announced its financial results in the afternoon session on January 9th (14:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending May 2025 (June to November) increased 10.8% from the same period last year, reaching 195 million yen. However, the progress rate toward the full-year plan of 568 million yen was 34.3%, almost the same as the five-year average of 35.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the December to May period (2H) is expected to nearly flat at 373 million yen, up 0.5% from the same period last year.

In the most recent three-month period, from September to November (2Q), the ordinary profit dropped to 74 million yen, a 32.1% decrease compared to the same period last year. The operating profit margin decreased from 33.4% in the same period last year to 25.4%.

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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
Jun - Nov, 2022	517	134	135	94	29.5	29.9	Jan 12, 2023	J-GAAP
Jun - Nov, 2023	551	165	176	125	40.2	32.2	Jan 11, 2024	J-GAAP
Jun - Nov, 2024	635	191	195	138	44.9	34.3	Jan 9, 2025	J-GAAP
YoY	+15.2%	+15.8%	+10.8%	+10.4%	+11.7%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jun - Nov, 2024 Guidance	ー	ー	ー	ー	－	0	Jul 11, 2024	J-GAAP
Jun - Nov, 2024 Results	635	191	195	138	44.9	0	Jan 9, 2025	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
Dec - May, 2023	949	368	371	263	84.8	20	Jul 11, 2024	J-GAAP
Dec - May, 2024 Guidance	945	369	373	257	83.4	22	Jan 9, 2025	J-GAAP
YoY	-0.4%	+0.3%	+0.5%	-2.3%	-1.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
May, 2023	1,368	443	451	321	101.1	16	Jul 11, 2023	J-GAAP
May, 2024	1,500	533	547	388	125.1	20	Jul 11, 2024	J-GAAP
May, 2025 Guidance	1,580	560	568	395	128.2	22	Jul 11, 2024	J-GAAP
YoY	+5.3%	+5.1%	+3.8%	+1.8%	+2.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Sep - Nov, 2023	299	100	109	78	25.1	33.4	Jan 11, 2024	J-GAAP
Dec - Feb, 2023	413	165	167	118	38.0	40.0	Apr 8, 2024	J-GAAP
Mar - May, 2024	536	203	204	145	46.8	37.9	Jul 11, 2024	J-GAAP
Jun - Aug, 2024	356	120	121	86	28.1	33.7	Oct 10, 2024	J-GAAP
Sep - Nov, 2024	279	71	74	52	16.9	25.4	Jan 9, 2025	J-GAAP
YoY	-6.7%	-29.0%	-32.1%	-33.3%	-32.5%