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KYOEI SANGYO CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 15%

Wed Oct 30, 2024 3:00 pm JST Earnings

6973 KYOEI SANGYO CO.,LTD. 【J-GAAP】

Earnings Report

KYOEI SANGYO CO.,LTD. <6973> [TSE-S] announced its financial results after the market closed on October 30th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 56.4% from the same period last year to 405 million yen.

In addition, the full-year consolidated ordinary profit has downwardly by 15.4%, from the previous forecast of 1.3 billion yen to 1.1 billion yen (compared to 1.73 billion yen in the previous period), leading to an increase in the profit decline rate from 25.2% to 36.7%.

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 14.0% from the same period last year to 695 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 246 million yen, a 49.8% decrease compared to the same period last year. The operating profit margin worsened from 3.1% in the same period last year to 0.5%.

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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 31,003 1,083 1,095 670 223.0 70.2 Oct 28, 2022 J-GAAP
Apr - Sep, 2023 31,519 823 929 670 223.2 53.5 Oct 30, 2023 J-GAAP
Apr - Sep, 2024 29,268 210 405 678 225.6 36.8 Oct 30, 2024 J-GAAP
YoY -7.1% -74.5% -56.4% +1.2% +1.1%

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 29,000 500 420 400 133.0 55 May 13, 2024 J-GAAP
Apr - Sep, 2024 Results 29,268 210 405 678 225.6 55 Oct 30, 2024 J-GAAP
Revision Rate +0.9% -58.0% -3.6% +69.5% +69.6%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 58,000 1,400 1,300 1,400 465.3 110 May 13, 2024 J-GAAP
Mar, 2025 New 58,000 900 1,100 1,200 398.8 110 Oct 30, 2024 J-GAAP
Revision Rate 0.0% -35.7% -15.4% -14.3% -14.3%

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 30,160 829 808 667 222.0 55 May 13, 2024 J-GAAP
Oct - Mar, 2024 Guidance 28,732 690 695 522 173.5 55 Oct 30, 2024 J-GAAP
YoY -4.7% -16.8% -14.0% -21.7% -21.9%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 60,545 1,471 1,560 432 144.0 70 May 12, 2023 J-GAAP
Mar, 2024 61,679 1,652 1,737 1,337 445.1 95 May 13, 2024 J-GAAP
Mar, 2025 Guidance 58,000 900 1,100 1,200 398.8 110 Oct 30, 2024 J-GAAP
YoY -6.0% -45.5% -36.7% -10.2% -10.4%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 15,897 487 490 308 102.6 3.1 Oct 30, 2023 J-GAAP
Oct - Dec, 2023 15,578 317 393 158 52.6 2.0 Jan 30, 2024 J-GAAP
Jan - Mar, 2024 14,582 512 415 509 169.4 3.5 May 13, 2024 J-GAAP
Apr - Jun, 2024 14,950 134 159 651 216.8 0.9 Jul 30, 2024 J-GAAP
Jul - Sep, 2024 14,318 76 246 27 9.0 0.5 Oct 30, 2024 J-GAAP
YoY -9.9% -84.4% -49.8% -91.2% -91.2%

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