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Meiji Shipping Group Co., Ltd., First Half Ordinary Profit Revised Downward to an Unexpected 14%Decrease

Thu Oct 31, 2024 1:00 pm JST Earnings

9115 Meiji Shipping Group Co., Ltd. 【J-GAAP】

Earnings Report

Meiji Shipping Group Co., Ltd. <9115> [TSE-S] announced its financial results in the afternoon session on October 31st (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 13.7% from the same period last year to 2.07 billion yen, resulting in a decrease in profits compared to the previous forecast of a 33.0% increase.

The progress rate against the 8 billion yen full-year plan was 26.0%, almost the same as the five-year average of 27.0%.

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 expand by 72.7% from the same period last year, reaching 5.92 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 332 million yen, a 18.2% decrease compared to the same period last year. The operating profit margin decreased from 19.2% in the same period last year to 14.3%.

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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 26,340 2,576 437 4,025 119.4 6.8 Oct 28, 2022 J-GAAP
Apr - Sep, 2023 32,313 6,042 2,406 1,888 55.8 41.2 Oct 27, 2023 J-GAAP
Apr - Sep, 2024 32,899 5,465 2,077 775 23.0 26.0 Oct 31, 2024 J-GAAP
YoY +1.8% -9.5% -13.7% -59.0% -58.9%

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 30,400 4,400 3,200 1,600 47.4 － May 15, 2024 J-GAAP
Apr - Sep, 2024 Results 32,899 5,465 2,077 775 23.0 － Oct 31, 2024 J-GAAP
Revision Rate +8.2% +24.2% -35.1% -51.6% -51.6%

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 32,705 5,356 3,430 3,301 97.7 5 May 15, 2024 J-GAAP
Oct - Mar, 2024 Guidance 28,501 4,235 5,923 3,025 89.2 － Oct 31, 2024 J-GAAP
YoY -12.9% -20.9% +72.7% -8.4% -8.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 58,061 8,764 6,443 6,439 190.2 5 May 12, 2023 J-GAAP
Mar, 2024 65,018 11,398 5,836 5,189 153.5 5 May 15, 2024 J-GAAP
Mar, 2025 Guidance 61,400 9,700 8,000 3,800 112.0 － May 15, 2024 J-GAAP
YoY -5.6% -14.9% +37.1% -26.8% -27.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 16,811 3,228 406 531 15.7 19.2 Oct 27, 2023 J-GAAP
Oct - Dec, 2023 18,096 3,311 1,745 1,231 36.4 18.3 Jan 31, 2024 J-GAAP
Jan - Mar, 2024 14,609 2,045 1,685 2,070 61.3 14.0 May 15, 2024 J-GAAP
Apr - Jun, 2024 15,969 3,050 1,745 906 26.9 19.1 Jul 31, 2024 J-GAAP
Jul - Sep, 2024 16,930 2,415 332 -131 -3.9 14.3 Oct 31, 2024 J-GAAP
YoY +0.7% -25.2% -18.2% － －

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