KYODO PAPER HOLDINGS, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 58% Decrease

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Tue Nov 5, 2024 3:30 pm JST Earnings

9849 KYODO PAPER HOLDINGS 【J-GAAP】

Earnings Report

KYODO PAPER HOLDINGS <9849> [TSE-S] announced its financial results after the market closed on November 5th (15:30). The consolidated ordinary profit/loss for the cumulative second quarter of the fiscal year ending March 2025 (April to September) turned into a loss of 3 million yen (compared to a profit of 90 million yen in the same period last year).

In addition, the full-year consolidated ordinary profit has downwardly by 60.0%, from the previous forecast of 125 million yen to 50 million yen (compared to 120 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 58.3% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to expand by 76.7% from the same period last year, reaching 53 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 19 million yen, a 36.7% decrease compared to the same period last year. The operating profit margin worsened from 0.7% in the same period last year to 0.2%.

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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	7,981	14	36	15	23.0	19.6	Nov 1, 2022	J-GAAP
Apr - Sep, 2023	8,285	72	90	54	81.1	75.0	Oct 30, 2023	J-GAAP
Apr - Sep, 2024	8,126	-32	-3	6	10.2	ー	Nov 5, 2024	J-GAAP
YoY	-1.9%	－	－	-88.9%	-87.5%

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	ー	ー	ー	ー	－	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	8,126	-32	-3	6	10.2	0	Nov 5, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	17,000	100	125	70	103.6	50	May 10, 2024	J-GAAP
Mar, 2025 New	16,500	20	50	40	59.2	50	Nov 5, 2024	J-GAAP
Revision Rate	-2.9%	-80.0%	-60.0%	-42.9%	-42.9%

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	8,440	22	30	4	6.0	50	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	8,374	52	53	34	50.3	50	Nov 5, 2024	J-GAAP
YoY	-0.8%	+136.4%	+76.7%	+750.0%	+735.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	17,023	153	184	101	151.2	50	May 9, 2023	J-GAAP
Mar, 2024	16,725	94	120	58	87.3	50	May 10, 2024	J-GAAP
Mar, 2025 Guidance	16,500	20	50	40	59.2	50	Nov 5, 2024	J-GAAP
YoY	-1.3%	-78.7%	-58.3%	-31.0%	-32.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	3,977	29	30	15	22.5	0.7	Oct 30, 2023	J-GAAP
Oct - Dec, 2023	4,222	5	12	0	-0.7	0.1	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	4,218	17	18	4	6.0	0.4	May 10, 2024	J-GAAP
Apr - Jun, 2024	4,133	-41	-22	-14	-21.1	-1.0	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	3,993	9	19	20	33.9	0.2	Nov 5, 2024	J-GAAP
YoY	+0.4%	-69.0%	-36.7%	+33.3%	+50.6%