Ship Healthcare (3360) Q2 2025 earnings summary

Executive summary

• Net sales rose 4.5% year-over-year to ¥310,032 million for the six months ended September 30, 2024, but operating profit fell 16.2% to ¥7,743 million and ordinary profit dropped 16.8% to ¥8,414 million.

• Profit attributable to owners of parent surged 50.3% year-over-year to ¥5,539 million, reflecting finalized accounting for a corporate combination.

• Revenue growth was driven by new SPD facilities, but profitability was pressured by project timing and upfront costs.

Financial highlights

• Net income per share increased to ¥58.71 from ¥39.07 year-over-year.

• Comprehensive income decreased 6.5% year-over-year to ¥5,218 million.

• Equity capital ratio improved to 38.8% from 36.0% at the previous fiscal year-end.

• Cash and cash equivalents at period-end were ¥77,867 million, down ¥5,261 million from March 31, 2024.

Outlook and guidance

• Full-year forecast for FY ending March 31, 2025: net sales ¥640,000 million (+1.4%), operating profit ¥26,000 million (+6.0%), ordinary profit ¥26,000 million (+3.1%), profit attributable to owners of parent ¥15,000 million (+8.7%).

• Dividend forecast for FY ending March 2025 is ¥53.00 per share.

• No changes to previously announced financial forecasts.