S.ISHIMITSU&CO.,LTD., First Half Ordinary Profit Decreases by 45%, July-September Ordinary Profit Decreases by 63%

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Thu Nov 14, 2024 12:00 pm JST Earnings

2750 S.ISHIMITSU&CO.,LTD. 【J-GAAP】

Earnings Report

S.ISHIMITSU&CO.,LTD. <2750> [TSE-S] announced its financial results at noon (12:00) on November 14th. The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 45.2% from the same period last year to 451 million yen. The progress rate against the 1.39 billion yen full-year plan was 32.3%, also falling below the five-year average of 48.4%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 2.9% from the same period last year, reaching 945 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 185 million yen, a 63.2% decrease compared to the same period last year. The operating profit margin worsened from 2.7% in the same period last year to 1.1%.

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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
Apr - Sep, 2022	28,358	845	976	569	73.8	75.4	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	30,780	720	823	579	75.0	47.3	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	30,154	434	451	368	47.6	32.3	Nov 14, 2024	J-GAAP
YoY	-2.0%	-39.7%	-45.2%	-36.4%	-36.6%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	31,065	547	492	337	43.4	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	30,154	434	451	368	47.6	0	Nov 14, 2024	J-GAAP
Revision Rate	-2.9%	-20.7%	-8.3%	+9.2%	+9.5%

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	31,245	934	918	470	60.8	30	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	33,927	970	945	571	73.6	30	Nov 14, 2024	J-GAAP
YoY	+8.6%	+3.9%	+2.9%	+21.5%	+21.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	58,972	1,317	1,295	792	102.6	24	May 12, 2023	J-GAAP
Mar, 2024	62,025	1,654	1,741	1,049	135.6	30	May 10, 2024	J-GAAP
Mar, 2025 Guidance	64,081	1,404	1,396	939	121.0	30	May 10, 2024	J-GAAP
YoY	+3.3%	-15.1%	-19.8%	-10.5%	-10.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	15,967	433	503	391	50.6	2.7	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	16,587	616	615	263	34.0	3.7	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	14,658	318	303	207	26.8	2.2	May 10, 2024	J-GAAP
Apr - Jun, 2024	14,601	258	266	235	30.4	1.8	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	15,553	176	185	133	17.2	1.1	Nov 14, 2024	J-GAAP
YoY	-2.6%	-59.4%	-63.2%	-66.0%	-66.0%