Avicopter (600038) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue rose 54.88% year-over-year to ¥9.13 billion, driven by increased product deliveries recognized by performance progress.

• Net profit attributable to shareholders fell 67.21% year-over-year to ¥59.75 million, mainly due to reduced positive impact from product price adjustments.

• For the first nine months, revenue was ¥17.3 billion, down 3.12% year-over-year; net profit attributable to shareholders was ¥357 million, down 29.92%.

Financial highlights

• Basic and diluted EPS for Q3 were ¥0.0756, down 69.64% year-over-year; nine-month EPS was ¥0.4756, down 31.75%.

• Gross margin and operating profit details not specified; R&D expenses for the nine months were ¥187 million, down from ¥586 million year-over-year.

• Net cash flow from operating activities for the nine months was -¥11.45 billion, a significant deterioration from -¥1.84 billion year-over-year.

• Total assets at Q3-end were ¥52.7 billion, up 16.83% from last year; equity attributable to shareholders was ¥16.07 billion, up 24.92%.

Outlook and guidance

• Management expects to achieve the full-year budget despite Q3 profit decline, as price adjustment impact was less significant this period.