FUJI KYUKO CO., LTD., First Half Ordinary Profit Revised Downward to an Unexpected 16%Decrease

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Wed Nov 6, 2024 3:30 pm JST Earnings

9010 FUJI KYUKO CO., LTD. 【J-GAAP】

Earnings Report

FUJI KYUKO CO., LTD. <9010> [TSE-P] announced its financial results after the market closed on November 6th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 15.7% from the same period last year to 4.03 billion yen, resulting in a decrease in profits compared to the previous forecast of a 7.7% increase.

The progress rate against the 8.4 billion yen full-year plan was 48.0%, also falling below the five-year average of 65.3%.

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 expand by 38.7% from the same period last year, reaching 4.36 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 2.13 billion yen, a 39.1% decrease compared to the same period last year. The operating profit margin significantly dropped from 24.6% in the same period last year to 16.4%.

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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	20,610	1,944	1,807	941	17.7	45.1	Nov 2, 2022	J-GAAP
Apr - Sep, 2023	25,917	4,893	4,789	3,178	59.9	60.3	Nov 1, 2023	J-GAAP
Apr - Sep, 2024	25,811	4,139	4,035	2,669	50.3	48.0	Nov 6, 2024	J-GAAP
YoY	-0.4%	-15.4%	-15.7%	-16.0%	-16.0%

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	27,900	5,290	5,160	3,290	62.0	－	May 8, 2024	J-GAAP
Apr - Sep, 2024 Results	25,811	4,139	4,035	2,669	50.3	－	Nov 6, 2024	J-GAAP
Revision Rate	-7.5%	-21.8%	-21.8%	-18.9%	-18.9%

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	24,784	3,258	3,147	1,393	26.2	26	May 8, 2024	J-GAAP
Oct - Mar, 2024 Guidance	27,689	4,561	4,365	2,331	43.9	29	Nov 6, 2024	J-GAAP
YoY	+11.7%	+40.0%	+38.7%	+67.3%	+67.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	42,924	4,243	4,007	2,318	43.7	15	May 10, 2023	J-GAAP
Mar, 2024	50,701	8,151	7,936	4,571	86.1	26	May 8, 2024	J-GAAP
Mar, 2025 Guidance	53,500	8,700	8,400	5,000	94.2	29	May 8, 2024	J-GAAP
YoY	+5.5%	+6.7%	+5.8%	+9.4%	+9.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	14,639	3,600	3,505	2,336	44.0	24.6	Nov 1, 2023	J-GAAP
Oct - Dec, 2023	13,110	2,310	2,259	1,523	28.7	17.6	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	11,674	948	888	-130	-2.5	8.1	May 8, 2024	J-GAAP
Apr - Jun, 2024	12,233	1,906	1,902	1,270	23.9	15.6	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	13,578	2,233	2,133	1,399	26.4	16.4	Nov 6, 2024	J-GAAP
YoY	-7.2%	-38.0%	-39.1%	-40.1%	-40.1%