FY2027-Q1 was broadly on track against the full-year forecast, but progress toward net income has been boosted by extraordinary gains.

Operating revenue in FY2027-Q1 was ¥20,930 million, operating profit was ¥1,195 million, ordinary profit was ¥1,816 million, and quarterly net income attributable to owners of the parent was ¥2,998 million. Year on year, operating revenue increased 4.5%, operating profit 18.2%, ordinary profit 25.6%, and net income 65.0%, with profit growth from the operating level through to the bottom line.

The company’s FY2027 full-year forecasts are operating revenue of ¥90,000 million, operating profit of ¥5,300 million, ordinary profit of ¥6,000 million, and profit attributable to owners of the parent of ¥7,200 million. First-quarter progress rates are therefore 23.3%, 22.5%, 30.3%, and 41.6%, respectively. Operating revenue and operating profit are slightly below 25%, while ordinary profit and net income are above that level. On a simple seasonal allocation, this indicates that the operating level is broadly on track, while downstream profit is ahead of schedule.

However, net income includes a ¥1,137 million gain on the sale of investment securities and ¥1,422 million in compensation received, bringing total extraordinary gains to ¥2,559 million. These one-off items account for a significant portion of net income of ¥2,998 million, so the 41.6% progress toward the full-year net income forecast cannot be taken at face value as an indication of the likelihood of achieving the full-year target. In FY2027-H1, progress in operating profit and ordinary profit, the breakdown of extraordinary items, and the tax burden should be reviewed separately.

Whether operating revenue reaches ¥45,000 million and operating profit reaches ¥2,650 million in FY2027-H1 is merely a mechanical benchmark based on dividing the full-year forecasts by two, not a first-half target presented by the company. Even so, comparing these levels with the prior-year results for the logistics and real estate businesses will help determine whether the Q1 profit growth is temporary or sustainable, driven by pricing revisions and improved utilization of facilities.