Mitsubishi Kakoki Kaisha, Ltd., First Half Ordinary Profit Decreases by 8%, July-September Ordinary Profit Decreases by 50%

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Thu Oct 31, 2024 4:00 pm JST Earnings

6331 Mitsubishi Kakoki Kaisha, Ltd. 【J-GAAP】

Earnings Report

Mitsubishi Kakoki Kaisha, Ltd. <6331> [TSE-P] announced its financial results after the market closed on October 31st (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 7.9% from the same period last year to 2.2 billion yen. The progress rate against the 4.55 billion yen full-year plan was 48.5%, almost the same as the five-year average of 47.4%.

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 1.3% from the same period last year, reaching 2.34 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 898 million yen, a 50.1% decrease compared to the same period last year. The operating profit margin significantly dropped from 14.3% in the same period last year to 7.9%.

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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	21,200	1,902	2,163	1,536	201.7	75.7	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	22,145	2,177	2,396	1,602	210.4	50.9	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	26,623	2,265	2,207	1,463	192.4	48.5	Oct 31, 2024	J-GAAP
YoY	+20.2%	+4.0%	-7.9%	-8.7%	-8.5%

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	26,500	1,950	1,850	1,250	164.4	50	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	26,623	2,265	2,207	1,463	192.4	50	Oct 31, 2024	J-GAAP
Revision Rate	+0.5%	+16.2%	+19.3%	+17.0%	+17.1%

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	25,629	2,233	2,313	3,795	498.3	80	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	31,377	2,535	2,343	1,737	228.3	60	Oct 31, 2024	J-GAAP
YoY	+22.4%	+13.5%	+1.3%	-54.2%	-54.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	44,590	2,521	2,859	3,043	399.7	80	May 15, 2023	J-GAAP
Mar, 2024	47,774	4,410	4,709	5,397	708.7	110	May 15, 2024	J-GAAP
Mar, 2025 Guidance	58,000	4,800	4,550	3,200	420.5	110	May 15, 2024	J-GAAP
YoY	+21.4%	+8.8%	-3.4%	-40.7%	-40.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	12,902	1,842	1,801	1,161	152.5	14.3	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	12,075	1,128	1,157	2,675	351.3	9.3	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	13,554	1,105	1,156	1,120	147.1	8.2	May 15, 2024	J-GAAP
Apr - Jun, 2024	11,944	1,099	1,309	917	120.7	9.2	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	14,679	1,166	898	546	71.8	7.9	Oct 31, 2024	J-GAAP
YoY	+13.8%	-36.7%	-50.1%	-53.0%	-52.9%