May 24, 2023 | Business
Mitsubishi Heavy Industries (MHI, TSE Code: 7011) announced that order intake rose 10.7% year-over-year to YEN4,501.3 billion in the fiscal year ended March 31, 2023. Revenue rose 8.9% to YEN4,202.7 billion year-over-year, resulting in profit from business activities (business profit) of YEN193.3 billion, a 20.6% increase from the previous fiscal year, which represents a profit margin of 4.6%. Profit attributable to owners of parent (net income) was YEN130.4 billion, an increase of 14.9% year-over-year, with a profit margin of 3.1%. EBITDA was YEN331.1 billion, a 13.3% increase from FY2021, with a profit margin of 7.9%, up 0.3 percentage points year-over-year.
Other highlights from FY2022 include order intake and revenue growth in Energy Systems driven by expansion in Gas Turbine Combined Cycle (GTCC) services. Aero Engines order intake and revenue grew 73% and 77% YoY, respectively, bolstered by recovering global air travel. Logistics, Thermal & Drive Systems order intake and revenue saw large, 22% YoY gains arising from high demand for forklifts in North America, Europe, and Asia Pacific, supported in part by expansion of lease and rental businesses in North America and the growing need for highly efficient, low-carbon-footprint HVAC equipment. Profitability was up 66% YoY in Aircraft, Defense & Space thanks in part to diligent cost-cutting efforts and foreign exchange benefits in Aero Structures.
FY2023 Guidance:
MHI issued guidance for the period ending March 31, 2024, the final year in the 2021 Medium-Term Business Plan (MTBP). This forecast includes modest gains in order intake and revenue, with large improvements in profitability culminating in achievement of the MTBP business profit margin target of 7%. Drivers of these improved margins are expected to include: higher profitability in Energy Systems projects; increasing benefits from cost passthroughs in Logistics, Thermal & Drive Systems; and higher margins in parallel with revenue growth in Metals Machinery. Cash flow is expected to take a brief turn into negative territory due to accelerating investments in the main growth areas of the Energy Transition and Smart Infrastructure. Dividends are planned to increase by YEN30/share YoY to YEN160/share.
CFO Message:
“FY2022 was a relatively strong year for MHI, and I am proud of the hard work each of our businesses put in during this period to outperform most metrics, both year-over-year and also versus guidance,” Hisato Kozawa, CFO of MHI commented. “In FY2023,” Kozawa continued, “We aim to overcome forecasted headwinds from a slightly stronger yen and increased labor and energy costs with appropriate cost passthroughs, strong services business expansion, and improved execution in Thermal Power. This will propel us toward our 2021 Medium-Term Business Plan targets, one focus of which is a business profit margin of 7%. We feel that achieving this profitability benchmark is important to show our stakeholders just how far we have come in improving returns during these three years. We also plan to increase dividends and make growth investments, which will help prepare us for continued success in the next MTBP period.”
For the full report, visit: www.mhi.com/news/pdf/fy20224q_press_release.pdf.
Note regarding forward looking statements:
Forecasts regarding future performance as outlined in these materials are based on judgments made in accordance with information available at the time they were prepared. As such, these projections include risk and uncertainty. Investors are recommended not to depend solely on these projections when making investment decisions. Actual results may vary significantly due to a number of factors, including, but not limited to, economic trends affecting the Company’s operating environment, fluctuations in the value of the yen to the U.S. dollar and other foreign currencies, and Japanese stock market trends. The results projected here should not be construed in any way as a guarantee by the Company.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.
Topic: Press release summary
Apr 7, 2022 | Business
AEON Credit Service (Asia) Company Limited (“AEON Credit” or the “Group”; Stock Code: 00900) today announced its annual results for the year ended 28 February 2022 (“FY2021”).
For FY2021, the Group’s revenue reached HK$1,049.6 million (FY2020: HK$1,089.9 million) and profit increased by 13.6% year-on-year to HK$342.6 million. Earnings per share increased to 81.81 HK cents (FY2020: 72.02 HK cents). The Board has recommended a final dividend of 22.0 HK cents per share, bringing the total dividend for the year to 44.0 HK cents per share, representing a dividend payout ratio of 53.8%.
The profit growth was owed to the Group’s efforts in building a quality credit portfolio with improved credit assessment techniques and enhancing debt management capabilities, which led to a significant 55.4% drop in impairment losses and impairment allowances to HK$94.1 million. With an increase in credit card sales and launch of the Off-us Acquiring Service for AEON Stores, the Group recorded an overall increase in fees and commissions of HK$26.4 million to HK$103.4 million for the year, which also contributed to the profit growth.
To overcome headwinds its business faced, the Group launched different promotional programmes during the year to capture the ever-changing credit card spending needs and demand for personal loans of customers. Consequently, sales for the year recorded an overall increase of 21.1% when compared with FY2020. Moreover, the gross advances and receivables balance as at 28 February 2022 was up by 5.2% against 28 February 2021.
Looking ahead, the Group will continue to work on its credit policy, like extending credit facilities to customers on a sustainable basis, with the aim of maximising profitability. Moreover, a new credit card product targeting the younger generations will be launched to expand the Group’s customer base. Also, the Group will focus marketing and promotional activities on its own solutions designed to address changing consumer spending needs in the post-pandemic environment and also on broadening brand appeal.
With the second round of the Consumption Voucher Scheme in Hong Kong forthcoming, the Group will place greater emphasis on diversifying marketing channels and programmes so as to stay competitive and capitalise on the rebound of economic activities. It will also continue to explore opportunities for opening more new branches, enhance domestic spending promotions and engage celebrities to promote its products.
With the expected rise in interest rates in 2022/23 likely to cause a drop in its interest spread, the Group will actively pursue new sources of income, such as fees and commissions by bringing in more card acquiring merchants, and explore other business opportunities.
On the technology development front, the card and loan system replacement project is expected to be completed in the second half of 2022/23. Subsequent to that, the Group can start promoting new product benefits with the help of enhanced digital marketing and premium user experiences or new payment solutions can be provided to customers. Moreover, with new data analytics tools, the Group will be able to enhance the effectiveness of its marketing endeavours, and credit assessment and credit management activities.
Regarding its Mainland China operations, the Group will continue to focus on expansion in the Greater Bay Area by launching more loan products. Separately, the newly acquired AEON Information Service (Shenzhen) Co., Ltd. will facilitate provision of seamless support to the Group’s operation, as well as give the Group unique strengths to capture new external business opportunities.
Mr. Tomoharu Fukayama, Managing Director of AEON Credit said, “The Group has managed to see its business back on a steady growth track amid the prevailing COVID-19 pandemic. Nevertheless, we expect the operating environment to stay challenging and uncertain in the coming year. To thrive despite the challenges, the Group will continue to refine its business model to adapt to changing consumer behaviours and meet new customer needs in the new normal. Priding responsiveness to changes in the market and strong business relations with partners, as well as a solid liquidity position and balance sheet, we are prepared to meet the challenges ahead and move forward, and capture business opportunities when they arise.”
About AEON Credit Service (Asia) Company Limited (Stock Code: 00900)
AEON Credit Service (Asia) Company Limited, a subsidiary of AEON Financial Service Co., Ltd. (TSE: 8570) and a member of the AEON Group, was set up in 1987 and listed on the Main Board of The Stock Exchange of Hong Kong Limited in 1995. The Group is principally engaged in the consumer finance business, which includes the issuance of credit cards and the provision of personal loan financing, card payment processing services, insurance agency and brokerage business in Hong Kong and microfinance business in Mainland China.
For more information, please visit the company’s website at www.aeon.com.hk.
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Topic: Press release summary
Feb 25, 2022 | Business
Leon Fuat Berhad (“Leon Fuat” or the “Group”), a manufacturer and trader of steel products, specialising in rolled long and flat products today released the Group’s financial results for the fourth quarter ended 31 December 2021 (“Q4FY2021”) recording 61.8% growth in profit after tax (“PAT”) to RM29.09 million compared with RM17.98 million in the corresponding quarter of the preceding year (“Q4FY2020”).
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| Calvin Ooi Shang How, Executive Director of Leon Fuat |
The Group is pleased to note that for the quarter under review, revenue increased by 27.8% to RM254.21 million compared with RM198.96 million in Q4FY2020 while profit before tax (“PBT”) recorded a 106.5% increase to RM38.61 million compared with RM18.70 million.
On a segmental basis, revenue from trading of steel products registered a 26.5% increase to RM81.95 million while revenue from processing of steel products recorded a 28.4% rise to RM172.18 million. The trading segment’s contribution to revenue stood at 32.2% in Q4FY2021 compared with 32.6% in the corresponding quarter of FY2020 while the processing segment’s contribution stood at 67.7% compared with 67.4% in Q4FY2020.
For the financial year ended 31 December 2021 (“FY2021”), PAT grew 377.6% to RM135.98 million compared with RM28.47 million in the preceding financial year. PBT increased 418.1% to RM172.85 million compared with RM33.36 million while revenue gained 50.4% to RM886.58 million compared with RM589.58 million registered in FY2020.
Calvin Ooi Shang How, Executive Director of Leon Fuat said, “The Group’s financial performance for the quarter under review was supported by higher revenue and better gross profit margin from the rise in average selling prices in both the trading and processing of steel products. For the financial year as a whole, revenue was also supported by higher overall average selling prices that also resulting in better overall gross profit margin”.
“We are maintaining our cautious outlook for 2022 on downside risks arising from decelerating economic growth amid continued COVID-19 flareups across the world, diminishing policy support and lingering supply bottlenecks. While the Malaysian economy is expected to grow by 5.5% to 6.5% this year on continued external demand and private sector expenditure, we note concerns over new virus variants, inflation and financial stress that could weigh on economic recovery too”.
“We will continue to monitor the movement of steel prices as we anticipate commodity price volatility due to global factors. Our monitoring will also continue for foreign currencies while negotiating forward contracts where necessary and having prudent inventory management. The Group will continue to actively address COVID-19 concerns by adhering strictly to standard operating procedures and having in place emergency response teams in three of our major subsidiaries”.
Topic: Press release summary
Feb 14, 2022 | Business
The Manganese Ore (India) Limited (MOIL), a schedule ‘A’ CPSE under Ministry of Steel reported 305% jump in its net profit at Rs 245.91 crore for nine months ended December 31, 2021, as against Rs 60.59 crore in previous year. Meeting of the Board of Directors of MOIL Limited approved financial results of the company for the quarter and nine months ended December 31, 2021.
In the said meeting, they also recommended payment of interim dividend @ 30 % (i.e., Rs. 3.00 per share) for the year 2021-22. The company had paid interim dividend of Rs. 2.50 each previous year.
Despite adverse impact of second and third wave of Covid19 affecting the operational activities of the company, MOIL has been able to record excellent performance with better product planning and marketing strategy. During the said nine months period, the company recorded Revenue from operations at Rs. 968.41 crores as against Rs. 727.26 crores during corresponding period last year. The company also registered growth of 16% in production as production of manganese ore increased from 7.41 lakh tonnes to 8.57 lakh tonnes during the said period.
The company has achieved highest Q3 turnover and total income in last four financial years. The net profit of the company at Rs. 123.88 crores isthe highest quarterly profitsince FY2019-20.
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(Release ID: 1798075)
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