Hokuriku Electric Power raised its full-year ordinary profit forecast from the previous ¥35.0 billion to ¥40.0 billion. Meanwhile, the second half is expected to be loss-making, and cumulative results for the first 3 quarters fell sharply.
Hokuriku Electric Power released its results after the close on 29 October. Consolidated ordinary profit for the cumulative second quarter period (April–September) was ¥42.5 billion, down 35.3% year on year, while a slowdown in revenue growth and operating margin was also reported. The full-year ordinary profit forecast was raised by 14.3%, from the previous ¥35.0 billion to ¥40.0 billion.
However, the second-half outlook turned loss-making, with consolidated ordinary profit and loss for October–March estimated at a loss of ¥2.51 billion. This compares with ordinary profit of ¥19.3 billion in the same period of the previous year, indicating an expected swing into the red.
Ordinary profit for July–September, the latest 3-month period, fell sharply year on year to ¥13.3 billion, while the operating margin on revenue dropped from 13.9% to 6.7%. The full-year forecast was revised in response.
The results-period information is based on the earnings summary PDF and related releases, with attention focused on any additional disclosures going forward.