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

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 84.7 22 Jan 9, 2025 J-GAAP
YoY -0.4% +0.3% +0.5% -2.3% -0.2%

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 1,580 560 568 395 130.1 22 Jul 11, 2024 J-GAAP
YoY +5.3% +5.1% +3.8% +1.8% +4.0%

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%

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