West Holdings Corporation (1407) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended May 31, 2024, increased 13.1% year-over-year to ¥29,708 million, driven by growth in the renewable energy segment.

• Operating income declined 3.0% year-over-year to ¥4,197 million, and net income attributable to shareholders fell 12.8% to ¥2,595 million.

• The company continues to focus on expanding non-FIT renewable energy projects and enhancing its construction capabilities.

• New business initiatives include large-scale battery storage, next-generation solar cells, and onshore wind power development.

Financial highlights

• Gross profit rose to ¥9,806 million from ¥9,186 million year-over-year.

• Comprehensive income for the period was ¥2,713 million, down 9.8% year-over-year.

• Total assets decreased to ¥121,512 million from ¥123,802 million at the previous fiscal year-end.

• Equity ratio stood at 24.5% at quarter-end.

Outlook and guidance

• Full-year revenue forecast remains unchanged at ¥64,655 million, with operating income projected at ¥10,983 million and net income at ¥7,438 million.

• No revision to previously announced earnings guidance.