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TRUST CO., LTD., First Half Ordinary Profit Unexpectedly Revised Upward by 15%

Mon Nov 11, 2024 4:00 pm JST Earnings

3347 TRUST CO., LTD. 【J-GAAP】

Earnings Report

TRUST CO., LTD. <3347> [TSE-S] announced its financial results after the market closed on November 11th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 15.2% from the same period last year, reaching 1.79 billion yen, resulting in an increase in profits compared to the previous forecast of a 15.3% decrease.

The progress rate against the 2.9 billion yen full-year plan was 61.9%, also surpassing the five-year average of 46.4%.

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 decrease by 11.5% from the same period last year to 1.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 8.8% from the same period last year, reaching 961 million yen. The operating profit margin improved from 8.7% in the same period last year to 9.9%.

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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 17,954 1,507 1,809 1,032 39.9 73.3 Nov 11, 2022 J-GAAP
Apr - Sep, 2023 19,407 1,481 1,559 612 23.7 55.6 Nov 13, 2023 J-GAAP
Apr - Sep, 2024 24,041 2,015 1,796 589 22.8 61.9 Nov 11, 2024 J-GAAP
YoY +23.9% +36.1% +15.2% -3.8% -3.8%

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 21,400 1,400 1,320 500 19.3 3 May 14, 2024 J-GAAP
Apr - Sep, 2024 Results 24,041 2,015 1,796 589 22.8 3 Nov 11, 2024 J-GAAP
Revision Rate +12.3% +43.9% +36.1% +17.8% +18.0%

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 21,683 1,333 1,247 502 19.4 3 May 14, 2024 J-GAAP
Oct - Mar, 2024 Guidance 20,459 1,045 1,104 541 20.9 3 Nov 11, 2024 J-GAAP
YoY -5.6% -21.6% -11.5% +7.8% +7.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 34,284 2,377 2,467 1,246 48.2 6 May 12, 2023 J-GAAP
Mar, 2024 41,090 2,814 2,806 1,114 43.1 6 May 14, 2024 J-GAAP
Mar, 2025 Guidance 44,500 3,060 2,900 1,130 43.7 6 May 14, 2024 J-GAAP
YoY +8.3% +8.7% +3.3% +1.4% +1.4%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 10,063 872 883 333 12.9 8.7 Nov 13, 2023 J-GAAP
Oct - Dec, 2023 10,414 614 505 152 5.9 5.9 Feb 13, 2024 J-GAAP
Jan - Mar, 2024 11,269 719 742 350 13.5 6.4 May 14, 2024 J-GAAP
Apr - Jun, 2024 11,711 799 835 354 13.7 6.8 Aug 8, 2024 J-GAAP
Jul - Sep, 2024 12,330 1,216 961 235 9.1 9.9 Nov 11, 2024 J-GAAP
YoY +22.5% +39.4% +8.8% -29.4% -29.5%

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