LONDON – MOH Nippon Plc (LSE: MOH), a Japan-based provider of crowdfunding services for real estate investments, has released its unaudited interim financial results for the six months ending September 30, 2024. The company reported revenue of JPY 4,009 million, a decrease from JPY 4,930 million in the same period last year. Profit before taxes also fell to JPY 235 million, compared to JPY 2,156 million reported in September 2023.
The decrease in profit was mainly due to non-recurring costs including a JPY 1.3 billion based payment charge related to the company’s recent listing and JPY 83 million in deferred acquisition costs. Apart from these one-time costs, MOH Nippon maintains that the underlying business performance remains strong.
During the reporting period, MOH Nippon also gained reinstatement from the Financial Conduct Authority’s Official List and began trading on London Stock Exchange (LON:)’s Main Market after the takeover of Minnadeooyasan-Hanbai Co. Ltd. However, the company faced a 30-day suspension of business operations in July 2024, which resulted in a 39% decrease in revenue from collection services compared to the previous year. Despite this, the performance margin showed a steady decline, with a slight decrease from 42% to 41%.
Looking ahead, CEO Hoken Yanase emphasized the company’s growth and development, including the successful launch of a private product/platform and plans to explore real estate development opportunities in Canada during the second half of the year.
The interim report, which contains detailed financial information and disclosures, is available on MOH Nippon’s website and at the company’s registered office. It can also be checked in the National Storage Mechanism of the Financial Conduct Authority. The directors of MOH Nippon take full responsibility for the content of this announcement, based on a press release.
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