In the light of our recent business performance, we have compiled estimates of our business forecasts for January-June, 2005. These now supersede our business performance forecasts released on February 15. The current estimates are shown below.
Consolidated
Estimates of business performance for the first half of the year (January 1 to June 30, 2005): comparison with forecasts released February 15, 2005
Non-consolidated
Estimates of business performance for the first half of the year (January 1 to June 30, 2005): comparison with forecasts released February 15, 2005
1. Reasons for the updated estimates
Net sales on both a consolidated and non-consolidated basis are expected to be slightly below the February forecasts. However, ordinary income and net income are expected to surpass the forecasts on both a consolidated and non-consolidated basis, as a result of lower costs of LNG and LPG denominated in Japanese yen due to a stronger yen than expected, as well as the deferment of some expenditures.
In the second half of the year, the cost of LNG and LPG will be higher due to a sharp crude oil price hike in addition to an expected weaker yen exchange rate, which is likely to offset the earnings performance for the first half of the year. Therefore, we have not, as yet, revised the full-year performance forecast released on February 15, 2005.
Consolidated
Estimates of business performance for the first half of the year (January 1 to June 30, 2005): comparison with forecasts released February 15, 2005
(¥Million, %)
|
|
Net sales
|
Ordinary income
|
Net income
|
| Forecasts released Feb. 15, 2005 (A) |
35,440
|
4,090
|
2,240
|
| Current estimates (B) |
35,010
|
5,060
|
2,880
|
| Change in amount (B-A) |
-430
|
970
|
640
|
| Change in percentage points |
-1.2
|
23.7
|
28.6
|
| Performance in Jan-Jun 2004 |
31,682
|
6,079
|
3,614
|
Non-consolidated
Estimates of business performance for the first half of the year (January 1 to June 30, 2005): comparison with forecasts released February 15, 2005
(¥Million, %)
|
|
Net sales
|
Ordinary income
|
Net income
|
| Forecasts released Feb. 15, 2005 (A) |
27,470
|
2,370
|
1,600
|
| Current estimates (B) |
27,120
|
3,080
|
2,160
|
| Change in amount (B-A) |
-350
|
710
|
560
|
| Change in percentage points |
-1.3
|
30.0
|
35.0
|
| Performance in Jan-Jun 2004 |
25,347
|
4,199
|
2,852
|
1. Reasons for the updated estimates
Net sales on both a consolidated and non-consolidated basis are expected to be slightly below the February forecasts. However, ordinary income and net income are expected to surpass the forecasts on both a consolidated and non-consolidated basis, as a result of lower costs of LNG and LPG denominated in Japanese yen due to a stronger yen than expected, as well as the deferment of some expenditures.
In the second half of the year, the cost of LNG and LPG will be higher due to a sharp crude oil price hike in addition to an expected weaker yen exchange rate, which is likely to offset the earnings performance for the first half of the year. Therefore, we have not, as yet, revised the full-year performance forecast released on February 15, 2005.