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Investing.com -- Japanese auto auction operator USS reported a 10% year-on-year increase in second-quarter operating profit to ¥14 billion, slightly below the consensus estimate of ¥14.6 billion.
The company’s quarterly performance was impacted by lower-than-expected vehicle auction listings and weakness in its recycling business, which is known for its volatility.
Despite the slight miss on quarterly results, USS raised its full-year operating profit guidance from ¥56.5 billion to ¥57.4 billion. This revised target remains below the market consensus of ¥57.6 billion.
Morgan Stanley noted that while the company’s second-half plan appears cautious, increased investment in auction sites is likely to raise the depreciation burden.
October data showed continued strength in USS’s core business, with vehicle auction listings increasing 7.9% year-on-year and contract completions rising 11.3% compared to October 2024. This robust performance comes despite facing tougher year-on-year comparisons.
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