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| As a result of the Company's efforts to improve the earnings structure through restructuring our business portfolio, withdrawal from low-margin transactions, and shifting focus to core businesses, net sales (total trading transactions) decreased 18.0% (¥594.1 billion) to ¥2,704.8 billion, from the preceding interim period. By trade category, exports were down 9.4% from the preceding interim period to ¥386.0 billion due to fewer exports in the Machinery & Information Industry, Chemicals and Metals segments. Imports declined 11.3% to ¥659.2 billion as a result of lower imports in the Consumer Products, Housing Materials & General Merchandise and Metals segments. Offshore transactions declined 30.6% to ¥521.9 billion, mainly due to a decline in the Housing Materials & General Merchandise and Machinery & Information Industry segments. Domestic transactions declined 17.4% to ¥1,137.7 billion, owing to a decrease in the Metals, Consumer Products and Chemicals segments. By commodity category, Energy grew 14.1%, while other segments declined: Housing Materials & General Merchandise by 39.6%, Consumer Products by 35.0%, Chemicals by 34.4%, Construction & Urban Development by 33.1%, Metals by 23.4% and Machinery & Information Industry by 4.7%. Gross trading profit decreased 3.6% (¥5.0 billion) to ¥133.1 billion from the preceding interim period, mainly due to the transfer of non-ferrous products and textiles businesses to affiliated subsidiaries (equity method) under the alliance strategy, but the gross profit margin improved from 4.18% to 4.92%. However, the decline in operating income (¥26.7 billion for the current interim period) was limited to 7.0% (¥2.0 billion) over the preceding interim period owing to the reductions in selling, general and administrative expenses by ¥3.0 billion. Net interest expense improved by ¥400 million, but recurring profit declined 13.0% (¥2.1 billion) to ¥13.9 billion, reflecting most of the effects of the decline in the above mentioned operating income. Owing to further measures taken to implement structural reforms and reinforce our financial position during this interim period, extraordinary losses of ¥30.3 billion were posted (Subsidiaries/affiliates reorganization losses, etc: ¥16.7 billion; Investment securities disposal losses: ¥6.6 billion; Investment securities revaluation losses: ¥3.1 billion). On the other hand, extraordinary profits of ¥22.4 billion were recorded mainly due to the sale of investment securities, which helped offset extraordinary losses to a net of ¥7.9 billion. Income before income taxes was ¥6.0 billion, and income taxes amounted to ¥1.8 billion, resulting in a consolidated net income of ¥4.2 billion for the interim period under review. |
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| Consolidated Financial Statements Non-Consolidated Financial Statements To Our Stakeholders Business Results (Consolidated) Outlook for Fiscal Year 2001 (Consolidated) |
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