KANEFUSA CORPORATION, The Current Fiscal Year Ordinary Profit Revised Downward by 50%, Dividend Revised down by 12.5 yen

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Mon Nov 11, 2024 1:40 pm JST Earnings

5984 KANEFUSA CORPORATION 【J-GAAP】

Earnings Report

KANEFUSA CORPORATION <5984> [TSE-S] announced its financial results in the afternoon session on November 11th (13:40). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 85.7% from the same period last year to 147 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 50.0%, from the previous forecast of 1.2 billion yen to 600 million yen (compared to 1.44 billion yen in the previous period), leading to an increase in the profit decline rate from 16.9% to 58.4%.

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 8.6% from the same period last year, reaching 453 million yen.

Due to a decline in performance, the company has significantly reduced its planned annual dividend for the current fiscal year from the original plan of 35.5 yen to 23 yen (compared to 22.5 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit/loss turned to a loss of 280 million yen (compared to a profit of 389 million yen in the same period last year). The operating profit margin worsened from 5.8% in the same period last year to 4.7%.

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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	10,846	987	1,356	876	63.0	81.5	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	10,135	661	1,027	664	47.8	71.1	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	10,064	394	147	39	2.8	24.5	Nov 11, 2024	J-GAAP
YoY	-0.7%	-40.4%	-85.7%	-94.1%	-94.1%

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	－	7.50	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	10,064	394	147	39	2.8	7.50	Nov 11, 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	22,000	1,300	1,200	1,400	100.7	35.50	May 10, 2024	J-GAAP
Mar, 2025 New	19,700	700	600	900	64.8	23	Nov 11, 2024	J-GAAP
Revision Rate	-10.5%	-46.2%	-50.0%	-35.7%	-35.7%

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	9,945	393	417	222	16.0	15	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	9,636	306	453	861	61.9	15.50	Nov 11, 2024	J-GAAP
YoY	-3.1%	-22.1%	+8.6%	+287.8%	+287.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	21,119	1,440	1,663	1,276	91.8	28	May 12, 2023	J-GAAP
Mar, 2024	20,080	1,054	1,444	886	63.8	22.50	May 10, 2024	J-GAAP
Mar, 2025 Guidance	19,700	700	600	900	64.8	23	Nov 11, 2024	J-GAAP
YoY	-1.9%	-33.6%	-58.4%	+1.6%	+1.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	5,167	299	389	233	16.8	5.8	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	5,266	152	-64	-69	-5.0	2.9	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	4,679	241	481	291	20.9	5.2	May 10, 2024	J-GAAP
Apr - Jun, 2024	4,961	152	427	252	18.2	3.1	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	5,103	242	-280	-213	-15.5	4.7	Nov 11, 2024	J-GAAP
YoY	-1.2%	-19.1%	－	－	－