Mitsubishi Logistics Corporation, First Half Ordinary Profit Decreases by 13%, July-September Ordinary Profit Decreases by 7%

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Thu Oct 31, 2024 3:00 pm JST Earnings

9301 Mitsubishi Logistics Corporation 【J-GAAP】

Earnings Report

Mitsubishi Logistics Corporation <9301> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 12.8% from the same period last year to 11.6 billion yen. The progress rate against the 24.8 billion yen full-year plan was 46.9%, also falling below the five-year average of 50.0%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 19.5% from the same period last year, reaching 13.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 5.34 billion yen, a 7.3% decrease compared to the same period last year. The operating profit margin worsened from 8.0% in the same period last year to 7.1%.

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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
Apr - Sep, 2022	154,266	11,728	16,101	13,012	32.3	53.6	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	125,760	9,920	13,345	9,462	24.3	54.8	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	134,890	8,995	11,641	16,359	43.5	46.9	Oct 31, 2024	J-GAAP
YoY	+7.3%	-9.3%	-12.8%	+72.9%	+79.3%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	130,000	8,700	11,300	18,100	48.6	16	Apr 30, 2024	J-GAAP
Apr - Sep, 2024 Results	134,890	8,995	11,641	16,359	43.5	16	Oct 31, 2024	J-GAAP
Revision Rate	+3.8%	+3.4%	+3.0%	-9.6%	-10.5%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	128,747	9,021	11,013	18,325	47.4	14	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	135,110	11,005	13,159	20,241	55.1	16	Oct 31, 2024	J-GAAP
YoY	+4.9%	+22.0%	+19.5%	+10.5%	+16.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	300,594	23,027	30,046	27,226	68.4	18	Apr 28, 2023	J-GAAP
Mar, 2024	254,507	18,941	24,358	27,787	71.9	24	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	270,000	20,000	24,800	36,600	99.7	32	Sep 27, 2024	J-GAAP
YoY	+6.1%	+5.6%	+1.8%	+31.7%	+38.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	62,545	5,022	5,763	4,026	10.3	8.0	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	66,692	5,860	7,859	15,134	39.0	8.8	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	62,055	3,161	3,154	3,191	8.3	5.1	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	65,877	4,069	6,296	12,784	33.8	6.2	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	69,013	4,926	5,345	3,575	9.5	7.1	Oct 31, 2024	J-GAAP
YoY	+10.3%	-1.9%	-7.3%	-11.2%	-7.9%