FY2027-Q1: Improvement in tugboat operations offset by declines in maritime-related and passenger ship operations

FY2027-Q1 consolidated revenue was ¥3,264 million, down 4.4% year on year. Operating results deteriorated from a ¥11 million loss in the same period of the previous year to a ¥42 million loss, but ordinary profit was ¥90 million and net income attributable to owners of the parent was ¥191 million. Thus, while the group remained profitable at the bottom line, it has not yet returned to stable profit generation from its core operations.

By segment, tugboat revenue was ¥2,503 million, up 8.5% year on year, and operating profit was ¥42 million, up 55.9%, supporting the group overall. In contrast, the maritime-related segment recorded revenue of ¥373 million, down 42.5% year on year, and an operating loss of ¥72 million, while the passenger ship segment recorded revenue of ¥388 million, down 15.4%, and an operating loss of ¥24 million. The primary reason for the consolidated revenue decline and operating loss was that the increase in tugboat revenue was insufficient to offset the declines in the maritime-related and passenger ship segments.

From FY2026-H1, the reporting segments were changed so that maritime-related services centered on CTVs and the transport vessel business were presented independently as the maritime-related segment. Comparative segment information for the previous year has also been restated using the new classification. Accordingly, in FY2027-H1 it will be necessary to review revenue and operating profit for each of the three segments, tugboats, maritime-related operations and passenger ships, rather than making a simple comparison with the former classification. In particular, additional disclosure of vessels in operation, revenue by type of work, passenger numbers and days of service cancellation will be important in determining whether the impact of the shift from construction work to O&M work after the completion of CTV construction was temporary and whether weak passenger ship demand is structural.