OSG Corporation reports Q1 results, announces share repurchase

OSG Corporation (TSE:6136) reported its first-quarter results for the fiscal year ending November 2025, revealing a mixed financial performance. While net sales increased by 2.9% year-over-year to JPY37.77 billion, operating income decreased by 5.3% to JPY3.88 billion, and net income attributable to owners of the parent declined by 23.9% to JPY2.60 billion. In response to the profit decline, OSG's board of directors has authorized a share repurchase program. The company plans to repurchase up to 3.5 million of its own shares, representing approximately 4.12% of the total issued shares excluding treasury stock, with a maximum total acquisition price of JPY5 billion. The repurchase period will run from April 11, 2025, to August 29, 2025, and will be executed through market purchases, including off-auction transactions, on the Tokyo Stock Exchange. OSG intends to cancel all shares acquired through this repurchase. OSG expects earnings for the first half and full year with a JPY10.1 billion and JPY21 billion operating income respectively. As of February 28, 2025, the company held 14,222,951 shares of treasury stock.