JAPAN PULP AND PAPER, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 4% Decrease

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Mon Feb 10, 2025 1:00 pm JST Earnings

8032 JAPAN PULP AND PAPER COMPANY LIMITED 【J-GAAP】

Earnings Report

JAPAN PULP AND PAPER COMPANY LIMITED <8032> [TSE Prime] announced its financial results in the afternoon session on February 10th (13:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) decreased 14.0% from the same period last year to 11.9 billion yen.

In addition, the full-year consolidated ordinary profit has decreased 11.1%, from the previous forecast of 18 billion yen to 16 billion yen (compared to 16.7 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 4.5% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) has decreased 20.5%, from the previous forecast of 9.75 billion yen to 7.75 billion yen (compared to 7.84 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 1.2% decrease in profit.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit decreased to 3.66 billion yen, a 25.9% decrease compared to the same period last year. The operating profit margin worsened from 3.8% in the same period last year to 2.6%.

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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	421,854	16,338	17,186	21,934	159.9	80.9	Feb 8, 2023	J-GAAP
Apr - Dec, 2023	411,557	14,162	13,855	8,270	61.7	82.7	Feb 9, 2024	J-GAAP
Apr - Dec, 2024	405,548	11,489	11,915	6,975	56.6	74.5	Feb 10, 2025	J-GAAP
YoY	-1.5%	-18.9%	-14.0%	-15.7%	-8.2%

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	ー	9,815	9,750	4,286	34.8	12.50	Nov 8, 2024	J-GAAP
Oct - Mar, 2024 New	ー	7,815	7,750	3,286	26.7	12.50	Feb 10, 2025	J-GAAP
Revision Rate	－	-20.4%	-20.5%	-23.3%	-23.3%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	ー	18,000	18,000	10,000	81.2	25	May 10, 2024	J-GAAP
Mar, 2025 New	ー	16,000	16,000	9,000	73.1	25	Feb 10, 2025	J-GAAP
Revision Rate	－	-11.1%	-11.1%	-10.0%	-10.0%

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	262,855	8,536	7,844	5,033	38.3	6.50	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	ー	7,815	7,750	3,286	26.7	12.50	Feb 10, 2025	J-GAAP
YoY	－	-8.4%	-1.2%	-34.7%	-30.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	545,279	20,264	21,233	25,392	185.1	12	May 15, 2023	J-GAAP
Mar, 2024	534,230	17,403	16,753	10,357	78.9	13	May 10, 2024	J-GAAP
Mar, 2025 Guidance	ー	16,000	16,000	9,000	73.1	25	Feb 10, 2025	J-GAAP
YoY	－	-8.1%	-4.5%	-13.1%	-7.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	140,182	5,295	4,946	2,946	22.0	3.8	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	122,673	3,241	2,898	2,087	15.9	2.6	May 10, 2024	J-GAAP
Apr - Jun, 2024	135,167	4,321	4,750	2,916	23.7	3.2	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	143,252	3,864	3,500	2,798	22.7	2.7	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	127,129	3,304	3,665	1,261	10.2	2.6	Feb 10, 2025	J-GAAP
YoY	-9.3%	-37.6%	-25.9%	-57.2%	-53.4%