Ifuji Sangyo (2924) Q2 2023 earnings summary

Executive summary

• H1 FY2023 revenue fell 1.0% YoY to ¥8,928m as lower egg prices reduced liquid-egg selling prices; operating income rose 1.5% to ¥668m and ordinary income rose 2.5% to ¥689m, both H1 records.

• Net income attributable to owners declined 10.9% to ¥475m, mainly because the prior-year period included a ¥72m deferred tax asset addition.

Financial highlights

• Revenue ¥8,928m, down 1.0% YoY; operating income ¥668m, up 1.5%; ordinary income ¥689m, up 2.5%.

• Net income attributable to owners ¥475m, down 10.9% YoY; EPS ¥57.88 versus ¥65.22.

• Comprehensive income ¥476m, down 10.8% YoY.

Outlook and guidance

• FY2023 guidance unchanged: revenue ¥18,059m (+3.6%), operating income ¥1,333m (+0.6%), ordinary income ¥1,358m (+0.1%), net income ¥919m (-7.7%) and EPS ¥112.13.

• H1 results were described as progressing generally in line with expectations; full-year guidance remained as announced Aug. 4, 2022.