Forecast results for the
fiscal year ending March 31, 2003 announced on November
13, 2002 have been revised as follows:
| Consolidated |
(millions
of yen) |
| |
Net
sales |
Operating
profit |
Ordinary
profit |
Net
income (loss) |
| Previous
forecast |
1,200,000 |
54,000 |
45,000 |
(46,000) |
| Revised
forecast |
1,200,000 |
62,000 |
50,000 |
(66,000) |
| Increase
(decrease) |
0 |
8,000 |
5,000 |
(20,000) |
| Percent
change |
+0.0% |
+14.8% |
+11.1% |
– |
cf.
Fiscal year ended
March 31, 2002 |
1,195,393 |
45,664 |
39,849 |
5,180 |
|
| |
| Non-consolidated |
(millions
of yen) |
| |
Net
sales |
Operating
profit |
Ordinary
profit |
Net
income (loss) |
| Previous
forecast |
910,000 |
30,000 |
27,000 |
(48,000) |
| Revised
forecast |
906,000 |
37,000 |
32,000 |
(68,000) |
| Increase
(decrease) |
(4,000) |
7,000 |
5,000 |
(20,000) |
| Percent
change |
-0.4% |
+23.3% |
+18.5% |
– |
cf.
Fiscal year ended
March 31, 2002 |
922,086 |
25,159 |
27,965 |
1,028 |
|
Reasons for revision
Both consolidated and non-consolidated
operating profit are now expected to exceed the previous
forecast. Chemical and chemical-related operations generally
performed well despite elevated naphtha prices; results
in acrylonitrile and other monomers remained solid,
and performance products and systems such as industrial
membranes grew. While the performance of construction
materials operations declined, housing operations showed
some signs of improvement. Electronics operations established
a steady course of recovery. Health care operations
gained from continuing strong demand, especially for
artificial kidneys.
The net loss, however, is now expected
to be considerably greater than previously forecast,
at ¥66.0 billion consolidated and ¥68.0 billion
non-consolidated, due to the emergence of notable special
losses. These include an approximately ¥10.0 billion
loss on recision of the employee retirement benefit
trust and an approximately ¥8.5 billion waiver of debt
owed by Chori Co., Ltd., which were announced on March
28. Other losses substantially greater than previously
forecast include a loss on write-down of investment
securities and losses on proactive disposal of idle
fixed assets to achieve structural improvements in preparation
for the transition to a holding company configuration
in October 2003.
Dividends
In consideration for the importance of long-term, stable
dividends, ¥3 per share for the second fiscal half remain
planned as previously announced.
Note: Performance forecasts
are based on the best information available at this
time, but actual results may diverge from these forecasts
due to a variety of factors which cannot be foreseen.
|
