TV Asahi Holdings (9409) Q2 2023 earnings summary

Executive summary

• H1 FY2023 revenue rose 0.8% YoY to ¥144,775 million; operating profit fell 12.6% to ¥7,340 million, while recurring profit and net income increased.

• Advertising-market stagnation weighed on TV broadcasting, while events and other businesses supported growth; full-year operating-profit guidance was cut 10.0%.

Financial highlights

• Revenue was ¥144,775 million, up ¥1,157 million YoY; operating profit was ¥7,340 million, down ¥1,062 million YoY.

• Recurring profit rose 9.4% YoY to ¥12,438 million; net income attributable to owners of the parent rose 21.3% to ¥9,306 million.

• Other-business revenue rose 35.1% to ¥19,302 million and operating profit rose 116.4% to ¥1,386 million, led by events and related activities.

Outlook and guidance

• FY2023 revenue forecast was revised down ¥6,000 million to ¥306,000 million; operating-profit guidance fell ¥2,000 million to ¥18,000 million.

• Revised segment forecasts: TV broadcasting revenue ¥232,500 million and operating profit ¥11,700 million; shopping revenue ¥20,200 million and operating profit ¥2,000 million.

• FY recurring-profit and net-income forecasts remained ¥25,000 million and ¥17,000 million, respectively.

• FY dividend forecast was ¥40 per share.