Noritz revised down its ordinary profit forecast for the current fiscal year. Although ordinary profit improved substantially year on year in April–June, the full-year plan is now ¥5.2 billion, with second-half ordinary profit expected to be ¥3.18 billion.
Noritz published its summary of financial results on 7 August. Consolidated ordinary profit for the cumulative second quarter (January–June) was ¥2.02 billion, down 9.7% year on year.
Accordingly, the full-year ordinary profit forecast changed from ¥5.5 billion to ¥5.2 billion, a downward revision of 5.5%, and the decline from the previous year's actual result is expected to widen.
Based on first-half results and the previous forecast, consolidated ordinary profit for July–December (the second half) is calculated to decline 3.9% year on year to ¥3.18 billion.
In the most recent three months, April–June ordinary profit rose sharply to ¥500 million, 7.1 times the year-earlier level, while the operating profit margin on sales improved from -0.8% to 0.3%.