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Meiwa Estate Company Limited, First Half Ordinary Profit Increases by 82%

Mon Nov 11, 2024 3:30 pm JST Earnings

8869 Meiwa Estate Company Limited 【J-GAAP】

Earnings Report

Meiwa Estate Company Limited <8869> [TSE-S] announced its financial results after the market closed on November 11th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 2.16 billion yen, an increase of 82.0% compared to the same period last year. The progress rate against the 3.6 billion yen full-year plan was 60.1%, also surpassing the five-year average of 43.2%.

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 drop by 48.7% from the same period last year to 1.43 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 277 million yen, a 44.9% decrease compared to the same period last year. The operating profit margin worsened from 4.9% in the same period last year to 4.3%.

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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
Apr - Sep, 2022 17,684 71 -527 -421 -18.0 ー Nov 10, 2022 J-GAAP
Apr - Sep, 2023 30,048 1,723 1,188 1,110 47.4 29.8 Nov 13, 2023 J-GAAP
Apr - Sep, 2024 34,825 2,704 2,162 1,644 70.1 60.1 Nov 11, 2024 J-GAAP
YoY +15.9% +56.9% +82.0% +48.1% +48.0%

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 ー ー ー ー － 0 May 13, 2024 J-GAAP
Apr - Sep, 2024 Results 34,825 2,704 2,162 1,644 70.1 0 Nov 11, 2024 J-GAAP
Revision Rate － － － － －

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 41,202 3,250 2,802 1,671 71.3 40 May 13, 2024 J-GAAP
Oct - Mar, 2024 Guidance 44,175 1,996 1,438 856 36.5 40 Nov 11, 2024 J-GAAP
YoY +7.2% -38.6% -48.7% -48.8% -48.8%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 62,319 5,941 4,989 4,415 188.3 45 May 11, 2023 J-GAAP
Mar, 2024 71,250 4,973 3,990 2,781 118.6 40 May 13, 2024 J-GAAP
Mar, 2025 Guidance 79,000 4,700 3,600 2,500 106.6 40 May 13, 2024 J-GAAP
YoY +10.9% -5.5% -9.8% -10.1% -10.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 15,990 789 503 525 22.4 4.9 Nov 13, 2023 J-GAAP
Oct - Dec, 2023 7,441 -770 -1,007 -902 -38.6 -10.3 Feb 13, 2024 J-GAAP
Jan - Mar, 2024 33,761 4,020 3,809 2,573 109.8 11.9 May 13, 2024 J-GAAP
Apr - Jun, 2024 21,252 2,120 1,885 1,573 67.1 10.0 Aug 8, 2024 J-GAAP
Jul - Sep, 2024 13,573 584 277 71 3.0 4.3 Nov 11, 2024 J-GAAP
YoY -15.1% -26.0% -44.9% -86.5% -86.5%

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