TOYO KANETSU K.K., First Half Ordinary Profit Increases by 2.3 times

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Thu Nov 14, 2024 4:30 pm JST Earnings

6369 TOYO KANETSU K.K. 【J-GAAP】

Earnings Report

TOYO KANETSU K.K. <6369> [TSE-P] announced its financial results after the market closed on November 14th (16:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) surged by 2.3 times that of the same period last year, reaching 2.03 billion yen. The progress rate against the 4.1 billion yen full-year plan was 49.7%, exceeding the five-year average of 38.8%.

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 decrease by 23.7% from the same period last year to 2.06 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 592 million yen, a 46.8% decrease compared to the same period last year. The operating profit margin drastically worsened from 7.6% in the same period last year to 4.2%.

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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	21,665	837	1,282	738	91.1	44.3	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	23,140	551	877	402	51.2	24.5	Nov 13, 2023	J-GAAP
Apr - Sep, 2024	28,475	1,917	2,038	1,616	209.6	49.7	Nov 14, 2024	J-GAAP
YoY	+23.1%	+247.9%	+132.4%	+302.0%	+309.1%

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	28,900	1,750	1,900	1,450	188.0	50	Aug 9, 2024	J-GAAP
Apr - Sep, 2024 Results	28,475	1,917	2,038	1,616	209.6	50	Nov 14, 2024	J-GAAP
Revision Rate	-1.5%	+9.5%	+7.3%	+11.4%	+11.5%

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	30,647	2,539	2,702	3,152	404.5	229	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	31,025	1,983	2,062	1,184	153.5	132	Nov 14, 2024	J-GAAP
YoY	+1.2%	-21.9%	-23.7%	-62.4%	-62.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	47,351	2,497	2,896	2,378	293.6	147	May 12, 2023	J-GAAP
Mar, 2024	53,787	3,090	3,579	3,554	456.1	229	May 14, 2024	J-GAAP
Mar, 2025 Guidance	59,500	3,900	4,100	2,800	363.0	182	Aug 9, 2024	J-GAAP
YoY	+10.6%	+26.2%	+14.6%	-21.2%	-20.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	13,153	997	1,113	871	111.0	7.6	Nov 13, 2023	J-GAAP
Oct - Dec, 2023	13,872	522	646	1,291	165.2	3.8	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	16,775	2,017	2,056	1,861	238.9	12.0	May 14, 2024	J-GAAP
Apr - Jun, 2024	13,996	1,302	1,446	949	123.2	9.3	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	14,479	615	592	667	86.5	4.2	Nov 14, 2024	J-GAAP
YoY	+10.1%	-38.3%	-46.8%	-23.4%	-22.1%