TBS Holdings (9401) Q1 2025 earnings summary

Executive summary

• Q1 FY24 consolidated revenue/net sales reached a record ¥98,604 million, up 4.0% year-over-year, but operating and ordinary income declined by 10.1% and 12.3%, respectively, due to higher costs and a tough comparison with last year's strong overseas content sales.

• Net income/profit attributable to owners of the parent surged 48.0% year-over-year to ¥14,377 million, driven by gains on sales of investment securities.

• Comprehensive income turned negative at ¥(19,240) million, compared to ¥89,336 million in the prior year, mainly due to valuation losses on available-for-sale securities.

Financial highlights

• Q1 FY24 revenue/net sales: ¥98,604 million (+4.0% YoY); operating income: ¥6,178 million (-10.1% YoY); ordinary income: ¥12,250 million (-12.3% YoY); net income: ¥14,377 million (+48.0% YoY).

• Gross profit increased to ¥32,725 million from ¥30,178 million year-over-year.

• Earnings per share rose to ¥88.95 from ¥58.91 year-over-year.

• CAPEX for Q1 FY24 was ¥10,367 million higher year-over-year, with depreciation and amortization at ¥3,633 million (+609 million YoY).

• Total assets as of June 2024: ¥1,518,416 million, down from ¥1,567,504 million as of March 2024; net assets declined to ¥1,126,826 million.

Outlook and guidance

• No revision to full-year FY24 forecasts: revenue/net sales projected at ¥400,000 million (+1.4% YoY), operating income at ¥16,500 million (+8.7% YoY), ordinary income at ¥26,100 million (-5.6% YoY), and net income at ¥21,600 million (-43.3% YoY); EPS forecast at ¥133.64.

• Annual dividend forecast raised to ¥54.00 per share from ¥44.00 in the previous year.

• TBS TV expects FY24 revenue of ¥226,600 million (+1.9% YoY) and net income of ¥8,100 million (+38.2% YoY).