Tomen's Interim Report Shows Positive Results for Fiscal 2001 Confirms Steady Progress
2001-11-15
Tomen Corporation, one of Japan's leading trading companies, announced today its interim results for the first half of fiscal year 2001 (April 1, 2001 through September 30, 2001). The positive results bode well for Tomen's ability to reach its initial projection for fiscal 2001 announced in May 2001.
[Consolidated Result of fiscal 2001 Interim, April 1, 2001 through September 30, 2001]
Millions of Yen |
| | Result | Previous year* | Difference (%) | | Total Trading Transaction | 1,273,909 | 1,224,652 | 49,257 (4.0%) | | Ordinary Profit | 11,023 | 12,456 | -1,433 (-11.5%) | | Net Income | 4,156 | 3,870 | 286 ( 7.4%) |
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*Previous year result of April 1, 2000 through September 30, 2000
The total trading transaction was 1,274 billion yen, 49.2 billion yen or 4.0 % up from the same period of the previous year, thanks to an increase of oil trading volume and the addition of two subsidiaries, Arysta LifeScience Corp.and Tomen Electronics Corp. The ordinary profit was 11.0 billion yen, a difference of 1.4 billion yen or 11.5 % down from the previous year, due to an increase in the selling, general and administrative expenses after consolidating these subsidiaries.
The net income was increased by 286 million yen or 7.4 % up from the previous year, to 4.2 billion yen. Tomen also announced its business projection of fiscal 2001 ending March 31, including 11 billion yen net income, which remainsunchanged from its initial projection of May 16, 2001.
[Consolidated Business Projection of fiscal 2001 ending March 31, 2001]
Millions of Yen |
| | Projection | Previous year* | Difference | | Total Trading Transaction | 2,500,000 | 2,516,523 | -16,523 | | Ordinary Profit | 25,000 | 24,963 | 37 | | Net Income | 11,000 | 10,096 | 904 |
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*Previous year result of April 1, 2000 through March 31, 2000
Mr. Morihiko Tashiro, president of Tomen, said, "The positive financial interim results announced today bode well for reaching our year end target," and he said, "We have achieved steady progress in our renovation plan and we anticipate continued increase in our corporate value as we move toward completionof the plan in 2003."
During the first half of fiscal 2001, Tomen took aggressive steps to grow the company, consistent with the renovation plan. For example, Tomen launched Arysta LifeScience, which integrated Tomen and Nichimen's agrochemical, pharmaceutical and veterinary medicine businesses, and which started operation in April 2001. The new company, which includes 58 group companies, aims to expand its sales to 150 billion yen and its ordinaryprofit to 17 billion yen at the year ending March 2007.
In September 2001, Tomen spun off part of its Power & Utility Project Division which operates its clean energy power generation business, including its worldwide wind power projects, and, on November 1, 2001, transferred it to a wholly owned subsidiary, Tomen Power Holdings Corp. The new company aims to enhance its competitiveness in the industry and plans to invite the participation of strategic partners in the near future.
Another development in the power supply business was the completion of the partnership agreement for the world's largest independent power producer (IPP) project, a 1,400megawatt coal-fired plant in Thailand with the total project budget of US$1.3 billion. The shareholders consist of Tomen (29%), Hongkong Electric International (26%), Chubu Electric (15%), Toyota Tsusho (15%), and Union Energy of Saha Union Group of Thailand (15%). The plant construction will begin in April 2002 with its operation starting in October 2005.
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