Toyo Sugar Refining Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Upward by 44%

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Mon Nov 11, 2024 3:30 pm JST Earnings

2107 Toyo Sugar Refining Co., Ltd. 【J-GAAP】

Earnings Report

Toyo Sugar Refining Co., Ltd. <2107> [TSE-S] announced its financial results after the market closed on November 11th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 40.9% from the same period last year to 759 million yen.

However, the full-year consolidated ordinary profit has been revised upward by 44.4%, from the previous forecast of 900 million yen to 1.3 billion yen (compared to 1.97 billion yen in the previous period), and the declining rate is expected to decrease from 54.3% to 34.0%.

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 decrease by 21.1% from the same period last year to 541 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 36.3% from the same period last year, reaching 432 million yen. The operating profit margin improved from 7.0% in the same period last year to 8.6%.

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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	7,415	212	233	169	31.1	42.3	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	8,592	501	1,284	1,008	185.0	65.2	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	9,218	693	759	531	97.5	58.4	Nov 11, 2024	J-GAAP
YoY	+7.3%	+38.3%	-40.9%	-47.3%	-47.3%

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	－	35	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	9,218	693	759	531	97.5	35	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	17,000	800	900	600	110.0	70	May 9, 2024	J-GAAP
Mar, 2025 New	18,000	1,200	1,300	900	165.1	70	Nov 11, 2024	J-GAAP
Revision Rate	+5.9%	+50.0%	+44.4%	+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	8,815	517	686	505	92.6	57.50	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	8,782	507	541	369	67.7	35	Nov 11, 2024	J-GAAP
YoY	-0.4%	-1.9%	-21.1%	-26.9%	-26.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	15,131	455	551	459	84.2	35	May 11, 2023	J-GAAP
Mar, 2024	17,407	1,018	1,970	1,513	277.5	115	May 9, 2024	J-GAAP
Mar, 2025 Guidance	18,000	1,200	1,300	900	165.1	70	Nov 11, 2024	J-GAAP
YoY	+3.4%	+17.9%	-34.0%	-40.5%	-40.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	4,338	302	317	222	40.8	7.0	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	4,629	337	407	282	51.8	7.3	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	4,186	180	279	223	40.9	4.3	May 9, 2024	J-GAAP
Apr - Jun, 2024	4,669	302	327	231	42.5	6.5	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	4,549	391	432	300	55.1	8.6	Nov 11, 2024	J-GAAP
YoY	+4.9%	+29.5%	+36.3%	+35.1%	+35.2%