Seasonality in quarterly results due to the concentration of completed construction revenue in the fourth quarter
First written in FY2017-Q1. 3 of 4 entries say "Restated". Latest entry: FY2018-Q1.
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24 other companies' latest entry also says "Restated".
- FY2018-Q1RestatedAnnual report
「Consolidated sales decreased by ¥9,324 million, or 12.5%, year on year to ¥65,009 million, owing to the impact of the percentage of progress on long-term, large-scale construction projects.」
In addition to the seasonality of completed construction revenue being concentrated in the fourth quarter, first-quarter sales were affected by the percentage of progress on long-term, large-scale construction projects. - FY2017-Q3RestatedAnnual report
「Completed construction revenue, which accounts for most of the group’s sales, tends to be recognized mainly in the fourth quarter of the consolidated fiscal year. However, selling, general and administrative expenses are incurred on an ongoing basis, resulting in a tendency for expenses to account for a larger proportion of sales in the first 9 months of the consolidated fiscal year.」
This reiterates the concentration of completed construction revenue in the fourth quarter and the high proportion of expenses to sales in the first 9 months of the fiscal year. - FY2017-Q2RestatedAnnual report
「Completed construction revenue, which accounts for most of the group’s sales, tends to be recognized mainly in the fourth quarter of the consolidated fiscal year. However, selling, general and administrative expenses are incurred on an ongoing basis, resulting in a tendency for expenses to account for a larger proportion of sales in the first half of the consolidated fiscal year.」
This reiterates the concentration of completed construction revenue in the fourth quarter and the high proportion of expenses to sales in the first half of the fiscal year. - FY2017-Q1First statedAnnual report
「Completed construction revenue, which accounts for most of the group’s sales, tends to be recognized mainly in the fourth quarter of the consolidated fiscal year. However, selling, general and administrative expenses are incurred on an ongoing basis, resulting in a tendency for expenses to account for a larger proportion of sales in the first quarter of the consolidated fiscal year.」
This explains the seasonality of results, with completed construction revenue concentrated in the fourth quarter and selling, general and administrative expenses accounting for a larger proportion of sales in the first quarter.