Sumitomo Bakelite, The Current Fiscal Year Net Income Revised Downward to an Unexpected 20% Decrease

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Mon Feb 3, 2025 3:30 pm JST Earnings

4203 Sumitomo Bakelite Company Limited 【IFRS】

Earnings Report

Sumitomo Bakelite Company Limited <4203> [TSE Prime] announced its financial results (based on IFRS) after the market closed on February 3rd (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2025 (April to December) decreased 28.7% from the same period last year to 12.8 billion yen.

In addition, the full-year consolidated net income has decreased 27.1%, from the previous forecast of 24 billion yen to 17.5 billion yen (compared to 21.8 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 19.8% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the October to March period (2H) has decreased 57.7%, from the previous forecast of 11.2 billion yen to 4.75 billion yen (compared to 10.7 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 55.8% decrease in profit.

In the most recent three-month period, from October to December (3Q), the consolidated net income significantly dropped to 0.11 billion yen, a 98.4% decrease compared to the same period last year. The operating profit margin sharply declined from 10.8% in the same period last year to 3.3%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	216,649	20,013	21,253	16,155	171.7	79.5	Feb 6, 2023	IFRS
Apr - Dec, 2023	215,454	20,540	23,561	18,029	192.8	74.8	Feb 5, 2024	IFRS
Apr - Dec, 2024	231,091	18,234	21,240	12,855	138.0	ー	Feb 3, 2025	IFRS
YoY	+7.3%	-11.2%	-9.9%	-28.7%	-28.4%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	155,866	ー	ー	11,259	128.5	45	Nov 5, 2024	IFRS
Oct - Mar, 2024 New	155,866	ー	ー	4,759	54.3	45	Feb 3, 2025	IFRS
Revision Rate	0.0%	－	－	-57.7%	-57.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	309,000	ー	ー	24,000	273.9	90	May 13, 2024	IFRS
Mar, 2025 New	309,000	ー	ー	17,500	199.7	90	Feb 3, 2025	IFRS
Revision Rate	0.0%	－	－	-27.1%	-27.1%

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	145,325	14,596	16,771	10,757	115.1	40	May 13, 2024	IFRS
Oct - Mar, 2024 Guidance	155,866	ー	ー	4,759	54.3	45	Feb 3, 2025	IFRS
YoY	+7.3%	－	－	-55.8%	-52.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	284,939	24,823	26,736	20,289	215.6	65	May 15, 2023	IFRS
Mar, 2024	287,267	27,200	31,489	21,831	233.7	75	May 13, 2024	IFRS
Mar, 2025 Guidance	309,000	ー	ー	17,500	199.7	90	Feb 3, 2025	IFRS
YoY	+7.6%	－	－	-19.8%	-14.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	73,512	7,936	8,843	6,955	74.4	10.8	Feb 5, 2024	IFRS
Jan - Mar, 2024	71,813	6,660	7,928	3,802	40.7	9.3	May 13, 2024	IFRS
Apr - Jun, 2024	76,653	8,173	9,445	7,000	75.2	10.7	Aug 5, 2024	IFRS
Jul - Sep, 2024	76,481	7,488	7,871	5,741	61.6	9.8	Nov 5, 2024	IFRS
Oct - Dec, 2024	77,957	2,573	3,924	114	1.2	3.3	Feb 3, 2025	IFRS
YoY	+6.0%	-67.6%	-55.6%	-98.4%	-98.4%