KAITORI OKOKU CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 18% Decrease

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Tue Oct 15, 2024 3:30 pm JST Earnings

3181 KAITORI OKOKU CO.,LTD. 【J-GAAP】

Earnings Report

KAITORI OKOKU CO.,LTD. <3181> [TSE-S] announced its financial results after the market closed on October 15th (15:30). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending February 2025 (March to August) decreased by 16.0% from the same period last year to 200 million yen.

In addition, the full-year ordinary profit has downwardly by 21.9%, from the previous forecast of 549 million yen to 429 million yen (compared to 523 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 18.0% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the ordinary profit for the September to February period (second half) is expected to decrease by 19.6% from the same period last year to 229 million yen.

At the same time, the year-end lump-sum dividend remains undecided.

In the most recent three-month period, from June to August (2Q), the ordinary profit dropped to 63 million yen, a 33.0% decrease compared to the same period last year. The operating profit margin worsened from 5.3% in the same period last year to 3.6%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Mar - Aug, 2022	2,767	165	181	111	31.0	43.1	Oct 14, 2022	J-GAAP
Mar - Aug, 2023	3,217	224	238	152	42.1	45.5	Oct 13, 2023	J-GAAP
Mar - Aug, 2024	3,501	193	200	151	41.7	46.6	Oct 15, 2024	J-GAAP
YoY	+8.8%	-13.8%	-16.0%	-0.7%	-0.8%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar - Aug, 2024 Guidance	3,388	207	227	171	46.8	0	Apr 15, 2024	J-GAAP
Mar - Aug, 2024 Results	3,501	193	200	151	41.7	0	Oct 15, 2024	J-GAAP
Revision Rate	+3.3%	-6.8%	-11.9%	-11.7%	-10.8%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2025 Prev	7,165	510	549	389	106.5	－	Apr 15, 2024	J-GAAP
Feb, 2025 New	7,701	403	429	307	84.0	－	Oct 15, 2024	J-GAAP
Revision Rate	+7.5%	-21.0%	-21.9%	-21.1%	-21.1%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2023	3,522	271	285	208	57.4	10	Apr 15, 2024	J-GAAP
Sep - Feb, 2024 Guidance	4,200	210	229	156	42.7	－	Oct 15, 2024	J-GAAP
YoY	+19.3%	-22.5%	-19.6%	-25.0%	-25.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	5,865	387	420	273	76.1	8	Apr 14, 2023	J-GAAP
Feb, 2024	6,739	495	523	360	99.4	10	Apr 15, 2024	J-GAAP
Feb, 2025 Guidance	7,701	403	429	307	84.0	－	Oct 15, 2024	J-GAAP
YoY	+14.3%	-18.6%	-18.0%	-14.7%	-15.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	1,629	87	94	60	16.6	5.3	Oct 13, 2023	J-GAAP
Sep - Nov, 2023	1,667	146	154	99	27.3	8.8	Jan 12, 2024	J-GAAP
Dec - Feb, 2023	1,855	125	131	109	30.1	6.7	Apr 15, 2024	J-GAAP
Mar - May, 2024	1,706	129	137	109	30.1	7.6	Jul 12, 2024	J-GAAP
Jun - Aug, 2024	1,795	64	63	42	11.6	3.6	Oct 15, 2024	J-GAAP
YoY	+10.2%	-26.4%	-33.0%	-30.0%	-30.1%