HEIWA PAPER, Apr-Dec (Cumulative 3Q) Ordinary Profit Decreases by 14%, Oct-Dec Ordinary Profit Decreases by 22%

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Thu Feb 13, 2025 4:00 pm JST Earnings

9929 HEIWA PAPER CO., LTD. 【J-GAAP】

Earnings Report

HEIWA PAPER CO., LTD. <9929> [TSE Std] announced its financial results after the market closed on February 13th (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) decreased 13.8% from the same period last year to 150 million yen. The progress rate toward the full-year plan of 235 million yen was 63.8%, also falling below the five-year average of 75.9%.

Based on the cumulative third-quarter performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the January to March period (4Q) is expected to expand 80.9% from the same period last year, reaching 85 million yen.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit decreased to 70 million yen, a 22.2% decrease compared to the same period last year. The operating profit margin worsened from 1.5% in the same period last year to 0.8%.

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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	11,851	79	130	818	85.1	67.7	Feb 13, 2023	J-GAAP
Apr - Dec, 2023	11,915	113	174	102	10.8	78.7	Feb 13, 2024	J-GAAP
Apr - Dec, 2024	11,963	83	150	81	8.6	63.8	Feb 13, 2025	J-GAAP
YoY	+0.4%	-26.5%	-13.8%	-20.6%	-20.6%

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	8,337	107	137	100	10.6	6	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	9,084	118	155	105	11.1	6	Nov 13, 2024	J-GAAP
YoY	+9.0%	+10.3%	+13.1%	+5.0%	+4.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	16,068	138	192	874	91.4	11	May 10, 2023	J-GAAP
Mar, 2024	16,124	158	221	136	14.4	12	May 13, 2024	J-GAAP
Mar, 2025 Guidance	16,800	165	235	143	15.1	12	May 13, 2024	J-GAAP
YoY	+4.2%	+4.4%	+6.3%	+5.1%	+4.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	4,128	62	90	66	7.0	1.5	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	4,209	45	47	34	3.6	1.1	May 13, 2024	J-GAAP
Apr - Jun, 2024	3,769	0	34	9	1.0	0.0	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	3,947	47	46	29	3.1	1.2	Nov 13, 2024	J-GAAP
Oct - Dec, 2024	4,247	36	70	43	4.6	0.8	Feb 13, 2025	J-GAAP
YoY	+2.9%	-41.9%	-22.2%	-34.8%	-34.9%