Japan Airport Terminal Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Upward by 3%, Adds to Record High Profit Forecast, Dividend Revised Upward by 8 yen

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Fri Nov 8, 2024 4:00 pm JST Earnings

9706 Japan Airport Terminal Co.,Ltd. 【J-GAAP】

Earnings Report

Japan Airport Terminal Co.,Ltd. <9706> [TSE-P] announced its financial results after the market closed on November 8th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 20.3 billion yen, an increase of 62.9% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward by 2.9%, from the previous forecast of 31 billion yen to 31.9 billion yen (compared to 27.2 billion yen in the previous period), increasing the growth rate from 13.9% to 17.2%, further surpassing the previous forecast of record-high profits for two consecutive terms.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease by 21.5% from the same period last year to 11.5 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 62 yen to 70 yen (compared to 67 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 28.8% from the same period last year, reaching 9.61 billion yen. The operating profit margin rose from 14.8% in the same period last year to 15.3%.

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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	43,613	-9,273	-9,759	-3,341	-35.9	ー	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	100,148	13,508	12,481	8,234	88.4	45.8	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	131,752	21,093	20,331	11,990	128.9	63.7	Nov 8, 2024	J-GAAP
YoY	+31.6%	+56.2%	+62.9%	+45.6%	+45.8%

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	135,000	21,700	20,900	12,100	129.9	31	Aug 7, 2024	J-GAAP
Apr - Sep, 2024 Results	131,752	21,093	20,331	11,990	128.9	35	Nov 8, 2024	J-GAAP
Revision Rate	-2.4%	-2.8%	-2.7%	-0.9%	-0.8%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	264,500	33,400	31,000	18,900	203.7	62	Aug 7, 2024	J-GAAP
Mar, 2025 New	267,300	34,600	31,900	19,300	208.0	70	Nov 8, 2024	J-GAAP
Revision Rate	+1.1%	+3.6%	+2.9%	+2.1%	+2.1%

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	117,430	16,019	14,744	11,021	118.3	42	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	135,548	13,507	11,569	7,310	78.8	35	Nov 8, 2024	J-GAAP
YoY	+15.4%	-15.7%	-21.5%	-33.7%	-33.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	113,050	-10,579	-12,064	-3,901	-41.9	16	May 11, 2023	J-GAAP
Mar, 2024	217,578	29,527	27,225	19,255	206.8	67	May 10, 2024	J-GAAP
Mar, 2025 Guidance	267,300	34,600	31,900	19,300	208.0	70	Nov 8, 2024	J-GAAP
YoY	+22.9%	+17.2%	+17.2%	+0.2%	+0.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	54,152	7,988	7,467	4,700	50.5	14.8	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	58,871	9,827	9,253	5,891	63.3	16.7	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	58,559	6,192	5,491	5,130	55.1	10.6	May 10, 2024	J-GAAP
Apr - Jun, 2024	65,337	10,926	10,712	6,131	65.8	16.7	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	66,415	10,167	9,619	5,859	63.0	15.3	Nov 8, 2024	J-GAAP
YoY	+22.6%	+27.3%	+28.8%	+24.7%	+24.8%