MERF Inc, The Current Fiscal Year Ordinary Profit Revised Downward to a Loss

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Fri Apr 11, 2025 3:30 pm JST Earnings

3168 MERF Inc. 【J-GAAP】

Earnings Report

MERF Inc. <3168> [TSE Std] announced its financial results after the market closed on April 11th (15:30). The consolidated ordinary profit/loss for the cumulative second quarter of the fiscal year ending August 2025 (September 2024 to February 2025) turned into a loss of 0.22 billion yen (compared to a profit of 0.13 billion yen in the same period last year), reversing from the forecast of a 0.01 billion yen to a loss.

In addition, the full-year consolidated ordinary profit/loss has been revised downward from an expected profit of 0.43 billion yen to a loss of 0.4 billion yen (compared to a profit of 1.03 billion yen in the previous period), turning to a loss outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the March to August period (2H) is expected to turn into a loss of 0.18 billion yen (compared to a profit of 0.89 billion yen in the same period last year).

In the most recent three-month period, from December to February (2Q), the consolidated ordinary loss expanded to a loss of 0.25 billion yen (compared to a loss of 0.06 billion yen in the same period last year). The operating profit/loss margin worsened from 1.1% in the same period last year to -0.8%.

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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
Sep - Feb, 2022	41,506	114	-74	-33	-2.4	ー	Apr 14, 2023	J-GAAP
Sep - Feb, 2023	35,408	433	139	13	0.9	13.4	Apr 12, 2024	J-GAAP
Sep - Feb, 2024	43,064	-164	-227	-177	-12.6	ー	Apr 11, 2025	J-GAAP
YoY	+21.6%	－	－	－	－

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2024 Guidance	38,300	167	18	10	0.7	10	Oct 11, 2024	J-GAAP
Sep - Feb, 2024 Results	43,064	-164	-227	-177	-12.6	10	Apr 11, 2025	J-GAAP
Revision Rate	+12.4%	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug, 2025 Prev	77,201	739	439	294	20.8	20	Oct 11, 2024	J-GAAP
Aug, 2025 New	82,091	-197	-409	-412	-29.1	20	Apr 11, 2025	J-GAAP
Revision Rate	+6.3%	－	－	－	－

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar - Aug, 2024	46,662	1,017	898	519	36.8	10	Oct 11, 2024	J-GAAP
Mar - Aug, 2025 Guidance	39,027	-33	-182	-235	-16.6	10	Apr 11, 2025	J-GAAP
YoY	-16.4%	－	－	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug, 2023	84,594	532	227	170	12.0	20	Oct 13, 2023	J-GAAP
Aug, 2024	82,070	1,450	1,037	532	37.7	20	Oct 11, 2024	J-GAAP
Aug, 2025 Guidance	82,091	-197	-409	-412	-29.1	20	Apr 11, 2025	J-GAAP
YoY	+0.0%	－	－	－	－

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Dec - Feb, 2023	17,663	202	-61	-107	-7.6	1.1	Apr 12, 2024	J-GAAP
Mar - May, 2024	22,351	1,066	1,096	590	41.8	4.8	Jul 12, 2024	J-GAAP
Jun - Aug, 2024	24,311	-49	-198	-71	-5.0	-0.2	Oct 11, 2024	J-GAAP
Sep - Nov, 2024	21,350	14	32	32	2.3	0.1	Jan 14, 2025	J-GAAP
Dec - Feb, 2024	21,714	-178	-259	-209	-14.8	-0.8	Apr 11, 2025	J-GAAP
YoY	+22.9%	－	-324.6%	-95.3%	-96.0%