KANESO Co.,LTD., First Half Ordinary Profit Decreases by 38%

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Tue Nov 5, 2024 2:40 pm JST Earnings

5979 KANESO Co.,LTD. 【J-GAAP】

Earnings Report

KANESO Co.,LTD. <5979> [NSE-M] announced its financial results in the afternoon session on November 5th (14:40). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 38.4% from the same period last year to 375 million yen, fell short of the previous forecast of 450 million yen.

The progress rate against the 1.07 billion yen full-year plan was 35.0%, almost the same as the five-year average of 32.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to grow by 1.9% from the same period last year, reaching 695 million yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit dropped to 169 million yen, a 49.7% decrease compared to the same period last year. The operating profit margin significantly dropped from 15.9% in the same period last year to 8.4%.

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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	3,646	338	349	241	170.0	33.2	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	4,024	601	609	492	345.7	47.2	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	3,897	370	375	262	184.7	35.0	Nov 5, 2024	J-GAAP
YoY	-3.2%	-38.4%	-38.4%	-46.7%	-46.6%

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	4,030	445	450	310	217.8	75	May 7, 2024	J-GAAP
Apr - Sep, 2024 Results	3,897	370	375	262	184.7	75	Nov 5, 2024	J-GAAP
Revision Rate	-3.3%	-16.9%	-16.7%	-15.5%	-15.2%

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	4,640	677	682	549	385.9	125	May 7, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,803	690	695	468	328.8	75	Nov 5, 2024	J-GAAP
YoY	+3.5%	+1.9%	+1.9%	-14.8%	-14.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	8,096	1,012	1,050	709	498.6	200	May 8, 2023	J-GAAP
Mar, 2024	8,664	1,278	1,291	1,041	731.7	200	May 7, 2024	J-GAAP
Mar, 2025 Guidance	8,700	1,060	1,070	730	512.8	150	May 7, 2024	J-GAAP
YoY	+0.4%	-17.1%	-17.1%	-29.9%	-29.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,090	332	336	232	163.0	15.9	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	2,321	377	380	263	184.8	16.2	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	2,319	300	302	286	201.0	12.9	May 7, 2024	J-GAAP
Apr - Jun, 2024	1,918	203	206	141	99.6	10.6	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	1,979	167	169	121	85.3	8.4	Nov 5, 2024	J-GAAP
YoY	-5.3%	-49.7%	-49.7%	-47.8%	-47.7%