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| Despite increased sales in the Information Industry and Aerospace, Marine & Rolling Stock segments, sales have fallen in other business segments as a result of restructuring the business portfolio, and withdrawal from low-margin transactions, and net sales are expected to decrease 18.1% (¥1,174.4 billion) to ¥5,300 billion over the previous year. Owing to similar reasons, gross profit is expected to decrease 6.5% (¥18.7 billion) to ¥269 billion, but gross trading profit ratio is expected to improve from 4.44% to 5.08%. As the result of further reduction of SG&A expenses by 5.5% (¥12.4 billion) to ¥213 billion through the reform and reinforcement of cost structure, the operating profit is expected to register only a 10.1% (¥6.3 billion) decline over the previous year, to ¥56 billion. Despite the erasure of temporary gains in income of consolidated subsidiaries during the fiscal year ended March 31, 2001, other expenses are expected to improve by ¥2.2 billion over the previous year to ¥21 billion, owing to higher income of companies accounted for by the equity method, and improved net interest expense. As a result, the Company expects recurring profit to decrease 10.5% (¥4.1 billion) to ¥35 billion, and net income to decrease 40.0% (¥8 billion) to ¥12 billion. For this second half of fiscal 2001, the Company expects an increase in gross profit of ¥2.8 billion to ¥135.9 billion, (mainly contributed by the results of operations in Construction & Urban Development segment which is concentrated in the second half of the fiscal year), and increase in recurring profit of ¥7.2 billion to ¥21.1 billion (by improvements in equity in losses of unconsolidated subsidiaries and affiliates), resulting in current net income increase of ¥3.6 billion to ¥7.8 billion as compared to the results of the first half of fiscal 2001. Note: These projections are based on the premise that the ¥/$ exchange rate will be ¥120 to the dollar and that crude oil prices will average 17.0/BBL (Dubai) in the second half of the year. The above forecast is based on rational conclusions drawn from information available to management at the time of writing. However, actual results may vary depending on external factors such as the economic conditions of the markets in which the Company operates, exchange rate fluctuations etc. Should any important change of events occur, it will be notified by a timely disclosure. |
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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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