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Fusion Co.,Ltd., First Half Ordinary Profit Revised Downward to an Unexpected 75%Decrease

Fri Oct 11, 2024 3:30 pm JST Earnings

3977 Fusion Co.,Ltd. 【J-GAAP】

Earnings Report

Fusion Co.,Ltd. <3977> [SSE-A] announced its financial results after the market closed on October 11th (15:30). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending February 2025 (March to August) significantly dropped by 75.0% from the same period last year to 4 million yen, resulting in a decrease in profits compared to the previous forecast of a 100.0% increase.

The progress rate against the 50 million yen full-year plan was 8.0%, also falling below the five-year average of 48.5%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the September to February period (second half) is expected to expand by 35.3% from the same period last year, reaching 46 million yen.

In the most recent three-month period, from June to August (2Q), the ordinary loss expanded to a loss of 16 million yen (compared to a loss of 7 million yen in the same period last year). The operating profit/loss margin drastically worsened from -1.9% in the same period last year to -5.3%.

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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
Mar - Aug, 2022 699 41 42 36 25.7 75.0 Oct 14, 2022 J-GAAP
Mar - Aug, 2023 750 16 16 17 12.4 32.0 Oct 13, 2023 J-GAAP
Mar - Aug, 2024 730 7 4 3 2.7 8.0 Oct 11, 2024 J-GAAP
YoY -2.7% -56.3% -75.0% -82.4% -78.1%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar - Aug, 2024 Guidance 813 32 32 27 18.7 0 Apr 12, 2024 J-GAAP
Mar - Aug, 2024 Results 730 7 4 3 2.7 0 Oct 11, 2024 J-GAAP
Revision Rate -10.2% -78.1% -87.5% -88.9% -85.5%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep - Feb, 2023 717 34 34 35 24.6 0 Apr 12, 2024 J-GAAP
Sep - Feb, 2024 Guidance 870 44 46 40 27.8 0 Oct 11, 2024 J-GAAP
YoY +21.3% +29.4% +35.3% +14.3% +13.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2023 1,455 54 56 44 30.8 0 Apr 14, 2023 J-GAAP
Feb, 2024 1,467 50 50 52 36.5 0 Apr 12, 2024 J-GAAP
Feb, 2025 Guidance 1,600 51 50 43 29.9 0 Apr 12, 2024 J-GAAP
YoY +9.1% +2.0% 0.0% -17.3% -18.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jun - Aug, 2023 359 -7 -7 -5 -3.7 -1.9 Oct 13, 2023 J-GAAP
Sep - Nov, 2023 371 25 25 22 15.6 6.7 Jan 12, 2024 J-GAAP
Dec - Feb, 2023 346 9 9 13 9.1 2.6 Apr 12, 2024 J-GAAP
Mar - May, 2024 427 23 20 19 13.9 5.4 Jul 12, 2024 J-GAAP
Jun - Aug, 2024 303 -16 -16 -16 -14.5 -5.3 Oct 11, 2024 J-GAAP
YoY -15.6% -128.6% -128.6% -220.0% -297.5%

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