Musashino Kogyo, The Current Fiscal Year Ordinary Profit Revised Upward by 86%

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Wed Feb 12, 2025 4:00 pm JST Earnings

9635 Musashino Kogyo Co.,Ltd. 【J-GAAP】

Earnings Report

Musashino Kogyo Co.,Ltd. <9635> [TSE Std] announced its financial results after the market closed on February 12th (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) surged 16 times that of the same period last year, reaching 47 million yen.

In addition, the full-year consolidated ordinary profit has been revised upward 85.7%, from the previous forecast of 35 million yen to 65 million yen (compared to 18 million yen in the previous period), increasing the growth rate from 94.4% to 3.6 times.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) is expected to increase 3.3 times, from the previous forecast of 13 million yen to 43 million yen (compared to 26 million yen in the same period of the previous year), turning to a 65.4% increase in the consolidated ordinary profit outlook.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit surged 2.3 times that of the same period last year, reaching 25 million yen. The operating profit margin significantly improved from 2.5% in the same period last year to 6.0%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	949	1	-19	-29	-28.6	ー	Feb 9, 2023	J-GAAP
Apr - Dec, 2023	935	6	3	-3	-3.3	16.7	Feb 8, 2024	J-GAAP
Apr - Dec, 2024	1,006	42	47	39	37.5	72.3	Feb 12, 2025	J-GAAP
YoY	+7.6%	+600.0%	+1,466.7%	－	－

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	653	10	13	1	1.0	0	Nov 12, 2024	J-GAAP
Oct - Mar, 2024 New	693	34	43	31	29.6	0	Feb 12, 2025	J-GAAP
Revision Rate	+6.1%	+240.0%	+230.8%	+3,000.0%	+2,986.5%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,310	31	35	20	19.1	0	May 14, 2024	J-GAAP
Mar, 2025 New	1,350	55	65	50	47.8	0	Feb 12, 2025	J-GAAP
Revision Rate	+3.1%	+77.4%	+85.7%	+150.0%	+149.9%

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	661	22	26	17	19.0	0	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	693	34	43	31	29.6	0	Feb 12, 2025	J-GAAP
YoY	+4.8%	+54.5%	+65.4%	+82.4%	+56.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,379	51	25	40	38.8	0	May 11, 2023	J-GAAP
Mar, 2024	1,282	20	18	4	4.5	0	May 14, 2024	J-GAAP
Mar, 2025 Guidance	1,350	55	65	50	47.8	0	Feb 12, 2025	J-GAAP
YoY	+5.3%	+175.0%	+261.1%	+1,150.0%	+971.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	314	8	11	10	10.9	2.5	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	347	14	15	7	7.8	4.0	May 14, 2024	J-GAAP
Apr - Jun, 2024	316	16	18	18	17.5	5.1	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	341	5	4	1	1.0	1.5	Nov 12, 2024	J-GAAP
Oct - Dec, 2024	349	21	25	20	19.2	6.0	Feb 12, 2025	J-GAAP
YoY	+11.1%	+162.5%	+127.3%	+100.0%	+76.8%