Forecast results for the fiscal year
ending March 31, 2002 announced on November 15, 2001 have been
revised as follows:
| Consolidated |
(millions
of yen) |
| |
Net sales |
Operating profit |
Ordinary profit |
Net income |
| Previous forecast |
1,210,000 |
54,000 |
47,000 |
9,000 |
| Revised forecast |
1,200,000 |
46,000 |
39,000 |
4,500 |
| Increase (decrease) |
(10,000) |
(8,000) |
(8,000) |
(4,500) |
| Percent change |
-0.8% |
-14.8% |
-17.0% |
-50.0% |
cf. Fiscal
year ended
March 31, 2001 |
1,269,414 |
96,023 |
86,746 |
25,176 |
|
| |
| Non-consolidated |
(millions
of yen) |
| |
Net sales |
Operating profit |
Ordinary profit |
Net income |
| Previous forecast |
940,000 |
34,000 |
34,000 |
4,500 |
| Revised forecast |
925,000 |
26,000 |
26,000 |
500 |
| Increase (decrease) |
(15,000) |
(8,000) |
(8,000) |
(4,000) |
| Percent change |
-1.6% |
-23.5% |
-23.5% |
-88.9% |
cf. Fiscal
year ended
March 31, 2001 |
990,430 |
57,927 |
56,345 |
11,710 |
|
Reasons for revision
During the second fiscal half, both domestic and export demand
decreased substantially. The US economy entered into recession,
and the Japanese economy continued to be marked by consumer
apprehension, rising unemployment, and generally weak private
consumption. Given this operating environment, it became clear
that financial results for the fiscal year would fall short
of the previously announced forecast.
In Chemical and Chemical-related operations,
while naphtha prices decreased, product prices remained low
and weak demand resulted in decreased sales volumes. In Housing
and Construction Materials, market conditions for construction
materials remained weak, and product prices deteriorated.
Operations in Biotechnology and Medical Products continued
to perform well, as previously forecast, but the sluggish
recovery in IT-related demand resulted in diminished results
in Electronics operations. The fiscal year-end dividend is
forecast at ¥3 per share, for a total dividend for the
year, including the interim dividend, of ¥6 per share.
In response to this challenging operating
environment, immediate and pervasive steps are being taken
to regain greater profitability, and the new mid-term management
plan presently being formulated to succeed the ISHIN2000 program
of corporate reformation will incorporate measures to further
accelerate the transformation of the business portfolio to
secure improved performance and results.
Forecast by sector (consolidated)
| |
Net
sales |
Operating
profit |
cf.
Fiscal year ended
March 31, 2001 |
Previous
fore cast |
Revised
fore cast |
Increase
(decr ease) |
cf.
Fiscal year ended
March 31, 2001 |
Previous
forecast |
Revised
forecast |
Increase
(decr ease) |
| Chemical
and Chemical-related |
449.4 |
443.0 |
434.0 |
(9.0) |
31.2 |
19.0 |
14.0 |
(5.0) |
| Housing
and Construction Materials |
433.4 |
419.0 |
418.0 |
(1.0) |
25.1 |
16.5 |
15.5 |
(1.0) |
| Fibers and
Textiles |
134.7 |
130.0 |
130.0 |
0 |
2.1 |
0.5 |
0.5 |
0 |
| Electronics |
95.9 |
64.0 |
64.0 |
0 |
23.0 |
4.0 |
3.0 |
(1.0) |
| Biotechnology
and Medical Products |
95.4 |
99.0 |
99.0 |
0 |
13.2 |
14.0 |
14.0 |
0 |
| Liquors,
Services and Others |
60.2 |
55.0 |
55.0 |
0 |
1.1 |
0 |
(1.0) |
(1.0) |
| Consolidated |
1,269.4 |
1,210.0 |
1,200.0 |
(10.0) |
96.0 |
54.0 |
46.0 |
(8.0) |
Note: Beginning with the current fiscal year,
our operating sectors have been realigned to bring greater
clarity and closer alignment between reported results and
the internal company business units introduced in June 2001.
The SPECIAL PRODUCTS
AND SERVICES sector has been eliminated, and operations of the former
MEMBRANES AND SYSTEMS segment have been combined with the former CHEMICALS
AND PLASTICS sector to form
the new CHEMICAL AND CHEMICAL-RELATED sector. The former ELECTRONICS and BIOTECHNOLOGY AND MEDICAL PRODUCTS segments are now independent operating sectors for
reporting purposes. The remaining operations, including liquors,
salt, engineering, and information systems, now comprise the
LIQUORS, SERVICES AND OTHERS operating sector, in place
of the former ENGINEERING AND OTHERS segment. For purposes of comparison, results for the year-ago
period have been recalculated in accordance with the new operating
sector alignment.
|
