DIGITAL HEARTS : Notice Regarding Revision of Financial Forecast for the Fiscal Year Ended March 31, 2021
04/23/2021 | 03:02am EDT
Name of representative:
April 23, 2021
DIGITAL HEARTS HOLDINGS Co., Ltd.
President and CEO
(Code number: 3676, First Section of the Tokyo
Director and CFO
Notice Regarding Revision of Financial Forecast
for the Fiscal Year Ended March 31, 2021
DIGITAL HEARTS HOLDINGS Co., Ltd. (hereinafter referred to as the "Company") announces that a meeting of its board of directors held today resolved that, given the trends of its recent business performance, the Company has revised its financial forecast for the fiscal year ended March 31, 2021 which was announced on August 11, 2020.
The details are as follows:
1. Revision of consolidated financial forecast for the fiscal year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)
Profit attributable to
owners of parent
Previous forecast (A)
Revised forecast (B)
Change (B - A)
Actual amount for the
previous fiscal year (fiscal
year ended March 31, 2020)
2. Reason for revision
In the fiscal year ended March 2021, net sales generally progressed in line with the initial plan. This is because the developing Enterprise Business continued to grow dramatically, and the other Entertainment Business, recovering from temporary declines in the first half of the year due to the COVID-19, acquired new projects in the game industry, which has a strong demand with stay-at-home trend, in the second half. Operating income and ordinary income are expected to exceed the initial forecasts due to the strong performance of the Enterprise Business turning to profitable as a full year with rapid sales growth and of the Entertainment Business achieving the operational reforms of its nationwide test centers to make better gross margin. On the other hand, net income attributable to owners of parent is expected to be lower than the initial forecast due to the expected recording of impairment losses of approximately 90 million yen on goodwill arising from the acquisition of shares in Orgosoft Co., Ltd., and those losses of approximately 300 million yen related to the software for internal use of the Company. Accordingly, full year consolidated earnings forecast has been revised as described above.
The above forecasts are based on information currently available and actual results may differ from these forecasts due to a variety of factors.
Hearts United Group Co. Ltd. published this content on 23 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2021 07:01:02 UTC.