Seasonal Fluctuations in the Construction-Related Services Business
First written in FY2022. 5 of 10 entries say "Materialised", first in FY2024. Latest entry: FY2026.
Meiho Holdings moved to the "Worse" side of this theme in 2024, 1 year after the typical company in this theme (2023).
The whole theme swung hardest in 2017: 2 of 8 companies on the "Worse" side.
5 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「Performance by quarterly consolidated accounting period for the fiscal year ended 30 June 2026 (from 1 July 2025 to 30 June 2026) First quarter Segment profit ¥28.694 million Second quarter Segment profit ¥148.782 million Third quarter Segment profit ¥455.648 million Fourth quarter Segment profit ¥20.475 million」
Profit in the construction-related services business was concentrated in the third quarter at ¥455.648 million, while it remained comparatively low in the other quarters. The latest quarterly results demonstrated that the risk of seasonal fluctuations persists. - 2026-08-13MaterialisedEarnings
「The main businesses, construction-related services and construction, have characteristics that cause the timing of recognizing net sales and profit to fluctuate substantially due to changes in customers’ ordering schedules and the progress of construction and other work.」
The company again stated that the timing of recognizing results varies depending on ordering schedules and progress, citing this as the reason for disclosing only full-year forecasts from the fiscal year ending June 2027. - FY2026-H1MaterialisedAnnual report
「Restrictions on subway-related construction associated with Expo 2025 Osaka, Kansai temporarily suspended orders and construction work at core subsidiaries 今田建設株式会社 and ハーミット株式会社. This coincided with a decline following the rush demand ahead of the Expo in the same period of the previous year, resulting in lower revenue and profit.」
The construction business actually experienced temporary suspensions of orders and construction work, as well as a decline following the rush demand in the same period of the previous year, which reduced revenue and profit. - FY2025MaterialisedAnnual report
「Performance for Each Quarterly Consolidated Accounting Period of the Current Consolidated Fiscal Year (from 1 July 2024 to 30 June 2025) First quarter Segment loss ¥11.817 million Second quarter Segment profit ¥190.579 million Third quarter Segment profit ¥404.441 million Fourth quarter Segment loss ¥15.853 million」
The results showed a seasonal pattern, with profits from the construction-related services business concentrated in the third quarter and losses in the first and fourth quarters. - FY2025-H1MaterialisedAnnual report
「Operating profit was delayed in the construction-related services business and construction business because orders from customers, including government agencies, were placed later than expected, resulting in delays in receiving orders. Profit conversion was delayed as business progress remained sluggish.」
Delays in the timing of orders placed by government agencies and other customers and in receiving orders delayed business progress and profit conversion in the construction-related services business and construction business. The concentration and delays in order timing were disclosed as having an actual profit impact during the interim period. - FY2024MaterialisedAnnual report
「Performance for Each Quarterly Consolidated Accounting Period of the Current Consolidated Fiscal Year (from 1 July 2023 to 30 June 2024) First quarter Segment profit ¥21.397 million Second quarter Segment profit ¥200.449 million Third quarter Segment profit ¥369.396 million Fourth quarter Segment loss ¥136.336 million」
The concentration of sales and profit in the construction-related services business in the third quarter was demonstrated by actual results, with fourth-quarter segment profit turning into a loss of ¥136.336 million due to seasonal fluctuations. - FY2023RestatedAnnual report
「Because a high proportion of the Group's construction-related services business consists of orders from national and local governments, delivery deadlines for orders and sales tend to be concentrated at the end of March. As a result, as shown in “Performance for Each Quarterly Consolidated Accounting Period of the Current Consolidated Fiscal Year (from 1 July 2022 to 30 June 2023)” below, the Group's sales and revenue also tend to be weighted toward the third quarter, while performance in quarters other than the third quarter may end at a low level.」
The risk of seasonal fluctuations caused by delivery deadlines and sales for government-related projects being concentrated at the end of March was disclosed continuously together with quarterly performance for the fiscal year ended June 2023. - FY2023-Q3RestatedAnnual report
「As major customers are government agencies, deliveries are concentrated at the end of March, resulting in an increase in “notes and accounts receivable and contract assets” as performance obligations are satisfied.」
The seasonality of deliveries to government agencies being concentrated at the end of March, along with the resulting increase in notes receivable, accounts receivable and contract assets, was reaffirmed. - FY2023-Q2RestatedAnnual report
「As major customers are government agencies, deliveries are concentrated at the end of March, resulting in an increase in “notes and accounts receivable and contract assets” as performance obligations are satisfied.」
The concentration of deliveries to government agencies at the end of March and the resulting seasonality in sales and assets were reaffirmed. - FY2022First statedAnnual report
「Because a high proportion of the Group's construction-related services business consists of orders from national and local governments, delivery deadlines for orders and sales tend to be concentrated at the end of March. As a result, as shown in “Performance for Each Quarterly Consolidated Accounting Period of the Current Consolidated Fiscal Year (from 1 July 2021 to 30 June 2022)” below, the Group's sales and revenue also tend to be weighted toward the third quarter, while performance in quarters other than the third quarter may end at a low level.」
The concentration of quarterly sales and profit was disclosed independently as a risk for the first time, with fourth-quarter segment profit shown as a loss of ¥50.643 million.