Mitsubishi Paper Mills, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 37% Decrease, Dividend Revised Upward by 5 yen

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Fri Feb 14, 2025 3:30 pm JST Earnings

3864 Mitsubishi Paper Mills Limited 【J-GAAP】

Earnings Report

Mitsubishi Paper Mills Limited <3864> [TSE Prime] announced its financial results after the market closed on February 14th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) dropped 37.6% from the same period last year to 2.7 billion yen.

In addition, the full-year consolidated ordinary profit has decreased 43.8%, from the previous forecast of 8 billion yen to 4.5 billion yen (compared to 7.09 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 36.6% 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 46.4%, from the previous forecast of 7.55 billion yen to 4.05 billion yen (compared to 3.57 billion yen in the same period of the previous year), leading to a reduction in the profit growth rate from 2.1 times to 13.4%.

At the same time, the company has significantly increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 10 yen to 15 yen (compared to 10 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit surged 2.8 times that of the same period last year, reaching 2.25 billion yen. The operating profit margin improved from 1.8% 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	154,522	-1,325	653	-4,818	-109.0	21.1	Feb 14, 2023	J-GAAP
Apr - Dec, 2023	144,669	2,882	4,332	-459	-10.5	61.0	Feb 14, 2024	J-GAAP
Apr - Dec, 2024	132,655	2,413	2,704	2,401	54.8	60.1	Feb 14, 2025	J-GAAP
YoY	-8.3%	-16.3%	-37.6%	－	－

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	108,600	7,066	7,550	8,232	187.8	10	Nov 13, 2024	J-GAAP
Oct - Mar, 2024 New	91,600	3,566	4,050	4,732	108.0	15	Feb 14, 2025	J-GAAP
Revision Rate	-15.7%	-49.5%	-46.4%	-42.5%	-42.5%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	197,000	8,000	8,000	8,000	182.5	10	May 13, 2024	J-GAAP
Mar, 2025 New	180,000	4,500	4,500	4,500	102.7	15	Feb 14, 2025	J-GAAP
Revision Rate	-8.6%	-43.8%	-43.8%	-43.8%	-43.7%

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	96,759	3,415	3,572	2,532	57.9	10	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	91,600	3,566	4,050	4,732	108.0	15	Feb 14, 2025	J-GAAP
YoY	-5.3%	+4.4%	+13.4%	+86.9%	+86.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	209,542	968	3,089	-571	-13.0	5	May 11, 2023	J-GAAP
Mar, 2024	193,462	5,410	7,098	4,170	95.3	10	May 13, 2024	J-GAAP
Mar, 2025 Guidance	180,000	4,500	4,500	4,500	102.7	15	Feb 14, 2025	J-GAAP
YoY	-7.0%	-16.8%	-36.6%	+7.9%	+7.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	47,966	887	806	-2,097	-48.0	1.8	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	48,793	2,528	2,766	4,629	105.8	5.2	May 13, 2024	J-GAAP
Apr - Jun, 2024	45,003	-70	354	-23	-0.5	-0.2	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	43,397	1,004	96	-209	-4.8	2.3	Nov 13, 2024	J-GAAP
Oct - Dec, 2024	44,255	1,479	2,254	2,633	60.1	3.3	Feb 14, 2025	J-GAAP
YoY	-7.7%	+66.7%	+179.7%	－	－