KEL CORPORATION, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 35% Decrease

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Fri Nov 8, 2024 1:30 pm JST Earnings

6919 KEL CORPORATION 【J-GAAP】

Earnings Report

KEL CORPORATION <6919> [TSE-S] announced its financial results in the afternoon session on November 8th (13:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 61.1% from the same period last year to 331 million yen, fell short of the previous forecast of 570 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 37.9%, from the previous forecast of 1.32 billion yen to 820 million yen (compared to 1.26 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 35.3% 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 grow by 17.0% from the same period last year, reaching 489 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 5 million yen, a 98.6% decrease compared to the same period last year. The operating profit margin significantly dropped from 11.1% in the same period last year to 6.0%.

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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	6,984	1,287	1,454	992	136.6	57.3	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	6,372	707	850	575	79.2	67.0	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	6,065	414	331	207	28.6	40.4	Nov 8, 2024	J-GAAP
YoY	-4.8%	-41.4%	-61.1%	-64.0%	-63.9%

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	6,200	560	570	400	55.0	40	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	6,065	414	331	207	28.6	40	Nov 8, 2024	J-GAAP
Revision Rate	-2.2%	-26.1%	-41.9%	-48.3%	-48.0%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	13,000	1,300	1,320	920	126.5	80	May 9, 2024	J-GAAP
Mar, 2025 New	12,200	900	820	550	75.6	80	Nov 8, 2024	J-GAAP
Revision Rate	-6.2%	-30.8%	-37.9%	-40.2%	-40.2%

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	5,859	388	418	277	38.1	48	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	6,135	486	489	343	47.2	40	Nov 8, 2024	J-GAAP
YoY	+4.7%	+25.3%	+17.0%	+23.8%	+23.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	14,500	2,400	2,536	1,725	237.5	95	May 10, 2023	J-GAAP
Mar, 2024	12,231	1,095	1,268	852	117.3	95	May 9, 2024	J-GAAP
Mar, 2025 Guidance	12,200	900	820	550	75.6	80	Nov 8, 2024	J-GAAP
YoY	-0.3%	-17.8%	-35.3%	-35.4%	-35.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	3,051	338	353	234	32.2	11.1	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	2,931	236	167	106	14.6	8.1	Feb 7, 2024	J-GAAP
Jan - Mar, 2024	2,928	152	251	171	23.5	5.2	May 9, 2024	J-GAAP
Apr - Jun, 2024	3,113	238	326	227	31.3	7.6	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	2,952	176	5	-20	-2.8	6.0	Nov 8, 2024	J-GAAP
YoY	-3.2%	-47.9%	-98.6%	－	－