Mitsubishi Logistics, The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 31% Decrease

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Fri Jan 31, 2025 3:30 pm JST Earnings

9301 Mitsubishi Logistics Corporation 【J-GAAP】

Earnings Report

Mitsubishi Logistics Corporation <9301> [TSE Prime] announced its financial results after the market closed on January 31st (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) dropped 39.3% from the same period last year to 12.8 billion yen.

In addition, the full-year consolidated ordinary profit has decreased 32.7%, from the previous forecast of 24.8 billion yen to 16.7 billion yen (compared to 24.3 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 31.4% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) has decreased 61.6%, from the previous forecast of 13.1 billion yen to 5.05 billion yen (compared to 11 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 54.1% decrease in profit.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit significantly dropped to 1.22 billion yen, a 84.4% decrease compared to the same period last year. However, the operating profit margin remained almost flat, changing from 8.8% in the same period last year to 9.0%.

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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	231,987	18,115	25,224	21,580	53.9	84.0	Jan 31, 2023	J-GAAP
Apr - Dec, 2023	192,452	15,780	21,204	24,596	63.3	87.1	Jan 31, 2024	J-GAAP
Apr - Dec, 2024	214,245	16,159	12,865	22,320	59.8	77.0	Jan 31, 2025	J-GAAP
YoY	+11.3%	+2.4%	-39.3%	-9.3%	-5.6%

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	135,110	11,005	13,159	20,241	56.2	16	Oct 31, 2024	J-GAAP
Oct - Mar, 2024 New	135,110	11,005	5,059	14,241	39.6	16	Jan 31, 2025	J-GAAP
Revision Rate	0.0%	0.0%	-61.6%	-29.6%	-29.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	270,000	20,000	24,800	36,600	101.7	32	Sep 27, 2024	J-GAAP
Mar, 2025 New	270,000	20,000	16,700	30,600	85.0	32	Jan 31, 2025	J-GAAP
Revision Rate	0.0%	0.0%	-32.7%	-16.4%	-16.4%

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	128,747	9,021	11,013	18,325	47.4	14	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	135,110	11,005	5,059	14,241	39.6	16	Jan 31, 2025	J-GAAP
YoY	+4.9%	+22.0%	-54.1%	-22.3%	-16.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	300,594	23,027	30,046	27,226	68.4	18	Apr 28, 2023	J-GAAP
Mar, 2024	254,507	18,941	24,358	27,787	71.9	24	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	270,000	20,000	16,700	30,600	85.0	32	Jan 31, 2025	J-GAAP
YoY	+6.1%	+5.6%	-31.4%	+10.1%	+18.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	66,692	5,860	7,859	15,134	39.0	8.8	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	62,055	3,161	3,154	3,191	8.3	5.1	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	65,877	4,069	6,296	12,784	33.8	6.2	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	69,013	4,926	5,345	3,575	9.5	7.1	Oct 31, 2024	J-GAAP
Oct - Dec, 2024	79,355	7,164	1,224	5,961	16.0	9.0	Jan 31, 2025	J-GAAP
YoY	+19.0%	+22.3%	-84.4%	-60.6%	-59.0%