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

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%

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