On the 5th, Keiyo Gas <9539> announced its consolidated financial results for the second quarter of the fiscal year ending December 2024 (January-June 24). Revenue decreased by 10.5% year-on-year to 63.984 billion yen. Operating profit decreased by 53.6% to 2.579 billion yen. Ordinary income decreased by 50.7% to 2.837 billion yen. Net income for the period attributable to parent company shareholders decreased by 53.0% to 1.89 billion yen.
During this interim accounting period, the number of home-use gas customers increased, resulting in a 1.1% year-on-year increase in sales volume for home-use gas. For business-use gas, there was a 3.3% decrease in sales volume due to a decrease in the operation of commercial customer facilities. As a result, the total gas sales volume decreased by 1.1% to 372 million cubic meters. Sales revenue decreased due to factors such as a decrease in sales volume and a downward adjustment of sales prices due to raw material cost adjustment system. Note that the performance of the Keiyo Gas group is seasonally variable because gas business accounts for a high proportion of total revenue and revenue is mainly recorded in winter months (January-March).
On the same day, the company also announced a revision to its consolidated performance forecast for the fiscal year ending December 2024. It expects a decrease in revenue of 5.6% compared to the previous fiscal year to 116 billion yen (1.2% decrease from the previous forecast), a decrease in operating profit of 29.6% (9.1% increase from the previous forecast) to 1.2 billion yen, a decrease in ordinary income of 21.8% (5.6% increase from the previous forecast) to 1.9 billion yen, and a decrease in net income for the period attributable to parent company shareholders of 11.0% to 1.3 billion yen.
