Auto Server <5589> announced its Q1 FY2024 (Jan-Mar 24) earnings. Revenue was JPY 1.66 billion, operating profit was JPY 0.72 billion, ordinary profit was JPY 0.718 billion, and net profit for the quarter was JPY 0.449 billion. The financial statements for Q1 FY2023 were not created, so the figures and YoY growth rate of the same period in the previous year, as well as the YoY growth rate of Q1 FY2024, are not listed, but it appears that there was a significant increase in revenue and profit.
In 2024, after January, as the volume of transactions of used cars between dealers decreased and prices increased, competition for purchase intensified, resulting in an increased use of the high-profit service AS ONE PLUS, and the number of trades increased to 27,360 units (+45.3% YoY), which contributed to increased earnings.
In the first cumulative quarter of the year, the company continues to expand the number of ASNET members (the number of bases for both corporations and individuals) and increase the ASNET trades. The ASNET membership count at the end of March 2024 was 78,382 (an increase of 1,021 compared to the end of December 2023), and the number of ASNET trades from January to March 2024 was 62,084 units (+7.5% YoY).
For the full-year financial estimates of FY2024, the revenue is planned to remain at JPY 6.054 billion, a 3.6% increase YoY, operating profit is planned to remain at JPY 2.119 billion, a 0.4% increase YoY, ordinary profit is planned to remain at JPY 2.111 billion, a 1.3% increase YoY, and net income is planned to remain at JPY 1.33 billion, a 2.2% increase YoY, in line with the initial plan.