Scat Cuts Earnings Forecast, Executive Pay but Raises Dividend Forecast; Shares Shed Over 4%
Scat (TYO:3974) has cut its consolidated business forecast for the fiscal year ending Oct. 31, following recent business trends and setbacks, such as postponed system sales and last-minute order cancellations.
As a result, net sales are now expected to be 2.58 billion yen from over 2.8 billion yen initially, and attributable profit is forecasted at 90 million yen or 32.21 yen per share from 160 million yen or 58.04 yen per share.
In response, the software company will enforce executive pay cuts, reducing the president and CEO's monthly remuneration by 30%, directors and business managers by 20%, and other directors by 10% for one month starting August 2024.
In a separate filing, the company said despite the challenges, it expects the impact to stabilize within one to two years and has decided to increase the year-end dividend forecast.
As such, it raised its year-end dividend by 1 yen per share, resulting in an annual dividend of 13 yen per share.
This revision increases the year-end dividend to 7 yen per share, up from the previously forecasted 6 yen.
Scat's shares lost over 4% in early trade.
Price (JPY): $418.00, Change: $-19, Percent Change: -4.35%
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