TOYO TEC CO.,LTD., First Half Net Income Decreases by 62%

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Thu Oct 31, 2024 3:30 pm JST Earnings

9686 TOYO TEC CO.,LTD. 【J-GAAP】

Earnings Report

TOYO TEC CO.,LTD. <9686> [TSE-S] announced its financial results after the market closed on October 31st (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 61.9% from the same period last year to 83 million yen. The progress rate against the 840 million yen full-year plan was 9.9%, also falling below the five-year average of 48.9%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand by 85.5% from the same period last year, reaching 757 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income grew by 10.8% from the same period last year, reaching 154 million yen. The operating profit margin improved from 3.2% 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
Apr - Sep, 2022	14,097	186	276	277	27.1	28.6	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	15,312	393	427	218	21.3	40.2	Oct 27, 2023	J-GAAP
Apr - Sep, 2024	16,268	317	340	83	8.1	24.3	Oct 31, 2024	J-GAAP
YoY	+6.2%	-19.3%	-20.4%	-61.9%	-62.0%

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	ー	ー	ー	ー	－	20	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	16,268	317	340	83	8.1	20	Oct 31, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	15,937	573	636	408	39.7	18	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	18,232	1,033	1,060	757	73.3	20	Oct 31, 2024	J-GAAP
YoY	+14.4%	+80.3%	+66.7%	+85.5%	+84.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	30,139	844	964	741	72.6	33	May 9, 2023	J-GAAP
Mar, 2024	31,249	966	1,063	626	61.0	36	May 9, 2024	J-GAAP
Mar, 2025 Guidance	34,500	1,350	1,400	840	81.3	40	May 9, 2024	J-GAAP
YoY	+10.4%	+39.8%	+31.7%	+34.2%	+33.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	7,918	251	251	139	13.6	3.2	Oct 27, 2023	J-GAAP
Oct - Dec, 2023	7,853	266	288	159	15.5	3.4	Jan 29, 2024	J-GAAP
Jan - Mar, 2024	8,084	307	348	249	24.3	3.8	May 9, 2024	J-GAAP
Apr - Jun, 2024	7,554	4	26	-71	-7.0	0.1	Jul 29, 2024	J-GAAP
Jul - Sep, 2024	8,714	313	314	154	15.0	3.6	Oct 31, 2024	J-GAAP
YoY	+10.1%	+24.7%	+25.1%	+10.8%	+10.5%