Costs and one-off fees deepen the loss
Nakabohtec Corrosion Protecting Co., Ltd. (TSE: 1787), which protects harbour structures, pipelines and plant from corrosion, reported non-consolidated results for the first half of FY3/2027, April 1 to September 30, 2026, on November 4, 2026. Sales fell as the Other business lapped a strong year of RC structure repair work. Higher material costs raised the cost of sales, and the company also booked one-off professional fees linked to a change in its major shareholder and spent more on advertising. The ordinary loss widened to ¥362 million and the net loss to ¥260 million, from ¥86 million.
Harbour sales rose ¥37 million to ¥2,885 million on orders up ¥522 million to ¥5,203 million. Underground sales grew ¥96 million to ¥1,022 million and Onshore sales ¥24 million to ¥471 million, while Other fell ¥329 million to ¥433 million. The company said its sales are weighted to the third and fourth quarters, so first-half results are seasonally weak.
Buyback shrinks the balance sheet
Total assets fell to ¥8,472 million from ¥12,168 million and net assets to ¥6,486 million, mainly because treasury stock increased by ¥1,702 million through share repurchases and because cash and deposits held with an affiliate fell by ¥3,137 million. Operating cash flow was an outflow of ¥438 million. Nakabohtec kept its FY3/2027 forecast of net sales of ¥15,200 million (+2.0%), operating profit of ¥1,307 million and net profit of ¥923 million, and a year-end dividend of ¥260 against ¥335 for FY3/2026.
| Metric | H1 FY3/2027 | H1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 4,812 | 4,984 | -3.4% |
| Operating profit (¥ million) | -401 | -146 | loss widened |
| Ordinary profit (¥ million) | -362 | -109 | loss widened |
| Net profit (¥ million) | -260 | -86 | loss widened |
| EPS (¥) | -110.03 | -35.33 | loss widened |
| Harbour — revenue (¥ million) | 2,885 | 2,848 | +1.3% |
| Underground — revenue (¥ million) | 1,022 | 926 | +10.4% |
| Onshore — revenue (¥ million) | 471 | 447 | +5.4% |
| Other — revenue (¥ million) | 433 | 762 | -43.2% |
| Order backlog (¥ million) | 6,797 | 3,365 | +102.0% |
| Total assets (¥ million) | 8,472 | 12,168 | -30.4% |
| Net assets (¥ million) | 6,486 | 9,365 | -30.7% |
| Equity ratio | 76.6% | 77.0% | -0.4 pt |
| FY3/2027 guidance — revenue (¥ million) | 15,200 | — | +2.0% |
| FY3/2027 guidance — operating profit (¥ million) | 1,307 | — | -0.4% |
| FY3/2027 guidance — net profit (¥ million) | 923 | — | -22.2% |
| Annual dividend per share (¥) | 260.00 | 335.00 | -22.4% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.