Sumida Corporation lowered its consolidated net profit forecast for the current fiscal year from the previous forecast, switching to an expected 36.4% decline in profit. Net profit for the first 9 months was ¥1.28 billion, and the full-year forecast was revised to ¥2.3 billion.
On 4 November, Sumida Corporation disclosed its results under IFRS. As a result, its full-year net profit forecast for the current fiscal year was cut from ¥3.65 billion to ¥2.3 billion, with the decline in profit expected to widen.
Consolidated net profit for the first 9 months (January-September) was ¥1.04 billion, up 3.5% year on year, while trends in revenue and profit margins remained challenging.
Looking ahead, consolidated net profit for the second half (July-December) is expected to be reduced from the previous forecast of ¥3.41 billion to ¥2.06 billion, with the growth rate expected to narrow from 74.8% to 5.6%.
The July-December forecast is an estimate based on the plan after the downward revision, and achievement of the target at the end of the fiscal year will depend on progress from here.
The revision is based on disclosure under IFRS, and the outlook may be revised again depending on the company’s disclosed figures and market reaction.