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TOKYO ENERGY & SYSTEMS INC., The Current Fiscal Year Ordinary Profit Revised Downward by 58%

Tue Nov 5, 2024 4:00 pm JST Earnings

1945 TOKYO ENERGY & SYSTEMS INC. 【J-GAAP】

Earnings Report

TOKYO ENERGY & SYSTEMS INC. <1945> [TSE-P] announced its financial results after the market closed on November 5th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 85.9% from the same period last year to 243 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 58.3%, from the previous forecast of 3.6 billion yen to 1.5 billion yen (compared to 5.21 billion yen in the previous period), leading to an increase in the profit decline rate from 30.9% to 71.2%.

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 significant drop by 63.9% from the same period last year to 1.25 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 19 million yen (compared to a profit of 900 million yen in the same period last year). The operating profit margin worsened from 3.0% in the same period last year to 0.8%.

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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 37,771 1,410 1,451 886 25.9 52.4 Oct 31, 2022 J-GAAP
Apr - Sep, 2023 41,344 1,002 1,728 818 23.9 33.2 Nov 2, 2023 J-GAAP
Apr - Sep, 2024 30,541 -249 243 630 18.8 16.2 Nov 5, 2024 J-GAAP
YoY -26.1% － -85.9% -23.0% -21.2%

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 － 26 May 8, 2024 J-GAAP
Apr - Sep, 2024 Results 30,541 -249 243 630 18.8 26 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 90,000 3,200 3,600 3,000 90.1 52 May 8, 2024 J-GAAP
Mar, 2025 New 68,000 1,000 1,500 1,500 45.0 52 Nov 5, 2024 J-GAAP
Revision Rate -24.4% -68.8% -58.3% -50.0% -50.0%

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 47,123 2,957 3,484 2,142 62.7 25 May 8, 2024 J-GAAP
Oct - Mar, 2024 Guidance 37,459 1,249 1,257 870 26.1 26 Nov 5, 2024 J-GAAP
YoY -20.5% -57.8% -63.9% -59.4% -58.4%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 79,055 3,458 2,770 2,120 61.9 40 Apr 28, 2023 J-GAAP
Mar, 2024 88,467 3,959 5,212 2,960 86.7 45 May 8, 2024 J-GAAP
Mar, 2025 Guidance 68,000 1,000 1,500 1,500 45.0 52 Nov 5, 2024 J-GAAP
YoY -23.1% -74.7% -71.2% -49.3% -48.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 21,049 626 900 587 17.1 3.0 Nov 2, 2023 J-GAAP
Oct - Dec, 2023 22,304 1,910 2,007 1,293 37.8 8.6 Feb 2, 2024 J-GAAP
Jan - Mar, 2024 24,819 1,047 1,477 849 24.9 4.2 May 8, 2024 J-GAAP
Apr - Jun, 2024 14,895 -367 262 712 21.3 -2.5 Aug 6, 2024 J-GAAP
Jul - Sep, 2024 15,646 118 -19 -82 -2.5 0.8 Nov 5, 2024 J-GAAP
YoY -25.7% -81.2% － － －

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