Good Com Asset delivered a strong first half, then declined the temptation to celebrate with a forecast upgrade. For the six months to April 30, revenue rose 53.2% to ¥29,390 million, operating profit increased 61.0% to ¥2,573 million, ordinary profit climbed 43.9% to ¥2,177 million, and profit attributable to owners of the parent gained 41.2% to ¥1,411 million. The company kept its annual dividend forecast at ¥46.00 per share, versus ¥45.00 for the previous year, and said there was no change to its outlook for the year ending October 2026.
| Metric | Six months to Apr. 30 | Year on year | Full-year outlook / plan |
|---|---|---|---|
| Revenue | ¥29,390 million | +53.2% | ¥79,281 million |
| Operating profit | ¥2,573 million | +61.0% | ¥7,729 million |
| Ordinary profit | ¥2,177 million | +43.9% | ¥6,843 million |
| Profit attributable to owners of the parent | ¥1,411 million | +41.2% | ¥4,540 million |
| Annual dividend per share | Interim: ¥0.00 | Previous year total: ¥45.00 | ¥46.00 forecast |
What drove the half
The presentation attributes the jump mainly to the formation of the fifth fund and the contribution from Livenup Group, which was consolidated in the previous year. During the half, Good Com Asset sold 20 investment apartment buildings totaling 793 units. Livenup Group and its subsidiaries added sales of three income-producing properties, 13 detached houses and seven land parcels.
That mix matters because the strength was not universal. In the earnings release, wholesale sales to corporate buyers generated revenue of ¥19,874 million and segment profit of ¥2,063 million, while retail sales to individual investors posted revenue of ¥3,921 million and a segment loss of ¥278 million. Real estate management remained profitable, with revenue of ¥1,455 million and segment profit of ¥528 million, and Livenup Group contributed revenue of ¥4,182 million and segment profit of ¥275 million.
What stays unchanged
The unchanged full-year plan calls for revenue of ¥79,281 million, operating profit of ¥7,729 million, ordinary profit of ¥6,843 million and profit attributable to owners of the parent of ¥4,540 million. Management's presentation says it plans to form the sixth and seventh funds in the fourth quarter. It also said 19 buildings totaling 1,462 units had been procured as of June 12, and that Livenup Group is expected to contribute revenue of ¥9,000 million for the full year.
Balance sheet direction
At April 30, total assets stood at ¥58,582 million, up from ¥46,289 million at the previous year-end, mainly because real estate held for sale increased by ¥12,176 million. Liabilities rose to ¥44,193 million from ¥32,107 million, driven mainly by increases in long-term and short-term borrowings, while net assets edged up to ¥14,389 million from ¥14,181 million. The equity ratio slipped to 23.9% from 29.9%.
One accounting caveat is worth keeping in view: the company says prior-period comparison figures were retrospectively adjusted after a change in revenue recognition at a consolidated subsidiary.