Iino Kaiun ＜919＞ announced consolidated financial results for the fiscal year ending 2024/3 on the 7th. Net sales decreased 2.4% from the previous fiscal year to 137.950 billion yen, operating profit decreased 4.8% to 19.063 billion yen, ordinary profit increased 4.5% to 2180 billion yen, and net income attributable to parent company shareholders decreased 15.5% to 19.745 billion yen.

Sales in the offshore shipping business fell 2.6% from the same period last year to 11.944 billion yen, and operating profit fell 3.1% to 15.139 billion yen. In large crude oil tankers, some ships carried out dock construction and operation declined, but control ship sides continued to be put into long-term contracts, contributing to supporting business performance. In chemical tankers, in addition to stable volume transportation agreements starting from the Middle East region, which is the core route, to Europe and Asia, spot cargo was actively taken in, and operation profitability exceeding initial expectations was secured. For large gas carriers, in addition to securing stable profits centered on existing medium- to long-term contracts, some ships enjoyed good market conditions. Also, in February, the company's first ammonia carrier was completed, which transports ammonia, which is attracting attention as clean energy, and has specifications that can be replaced with a dual fuel main engine to be used as fuel. As for dry bulk carriers, private vessels operated smoothly, contributing to securing stable profits. Irregular ships centered on the post-Panamax type and handy type were affected by market conditions, mainly the handy type, but efforts were made for efficient ship dispatch and operation centered on introduction to contract cargo, and operation profitability slightly exceeded initial expectations for dry bulk carriers as a whole.

Sales in the domestic shipping and offshore shipping industry fell 3.7% from the same period to 10.117 billion yen, and operating profit fell 31.4% to 407 million yen. Domestic gas transportation was affected by market conditions and overlapping repair work due to entry of operating ships, etc., but in addition to existing medium- to long-term contracts, stable sales were secured through efficient dispatch that took into account regulations on seafarers' working hours. In offshore gas transportation, stable income was secured based on existing medium- to long-term contracts. Also, in January, we began chartering newly built high-pressure LPG ships engaged in LPG transportation within the Asian region.

Real estate sales increased 0.3% from the same period to 12.973 billion yen, and operating profit decreased 7.5% from the same period to 3.516 billion yen. In the buildings owned by the company, the office floor continued to operate smoothly, and stable profits were maintained. Although there are some vacancies left on commercial floors, there was a recovery trend in sales centered on food and beverage tenants. At the Iino Hall & Conference Center of the company group, operations improved as demand recovered. At Iino Media Pro, which operates the studio business, operations continued to be steady in the main studio division. In the office building leasing business in London, England, both office floors and commercial floors operated smoothly, and profits were maintained. Also, the high-grade office building “111 STRAND,” which is the second building in London, was acquired at the end of the current fiscal year.

Regarding the consolidated earnings forecast for the full year ending 2025/3, we expect sales to fall 1.4% from the previous fiscal year to 136.00 billion yen, operating profit down 19.2% to 15.40 billion yen, ordinary profit down 33.5% to 14.50 billion yen, and net income attributable to parent company shareholders to decrease 28.6% to 14.10 billion yen.

Also, regarding the year-end dividend, it was announced that the dividend will be increased by 4.00 yen per share to 31.00 yen from the most recent dividend forecast based on full-year consolidated results for the fiscal year ending 2024/3, to 56.00 yen for the full year.