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Tomen Interim Fiscal 2003 Results2003-11-07
Reflect Favorable Momentum in Achieving Medium-Term Management Plan Tomen Corporation, Japan's leading trading company, announced today its interim results for the first half of fiscal year 2003 (April 1, 2003 to September30, 2003), which will end March 31, 2004. Tomen achieved solid business performance for the first six months, which exceeded its projected figures announced on May 15, 2003. In September 2003, Tomen also completed the capital increase of 10 billion yen by third-party allotment to Toyota Tsusho Corp. and Toyota Motor Corp. Tomen confirmed its commitment to full implementation and progress of the "Tomen Group Medium-TermManagement Plan," which began March 2003 (and ends March 2006). The interim results of fiscal 2003 [Consolidated Interim Result of fiscal 2003, April 1, 2003 through September 30, 2003]
Total trading transactions declined to 813 billion yen from 1,084 billion yen the same period of the previous year, mainly due to Tomen's withdrawal from non-performing or unprofitable businesses in energy field. However, Tomen's electronics business, including Tomen Electronics Corp. (7858) and Tomen Devices Corp. (2737), and chemical business, including Arysta LifeScience Corp., contributedpositive sales growth to the company. Ordinary profit increased to 10.7 billion yen from 6.5 billion yen the same period of the previous year, backed by an increase in earnings of electronics and life-science subsidiaries due to favorable business conditions. Tomen announced a net income of 6.4 billion yen due to the above reasons and an increase in gain from sales of securities holdings with the vigorous stock market. Business projection for fiscal 2003 [Consolidated Business Projection of fiscal 2003 ending March 31, 2004]
Positive developments in the company for the first half period support Tomen's business projection. For example, in the foodstuffs business, grain imports have maintained stable profitability. In the electronics business, group companies will continue steady growth. Tomen Electronics Corp. and Tomen Devices Corp. project record high sales and profits amid a positive trend in the semiconductor market. Tomen Cyber-business Solutions Inc. (2356), listed on the Tokyo Stock Exchange's Mothers Market in March 2003, continues to expand sales of Internet equipment to meet rising demand stemming from the growing high-speed telecom market. In machinery business, the consortium of Tomen and Mitsubishi Heavy Industries, Ltd. received an order, valued at approximately 8 billion yen, from West Delta Electricity Production Company, Egypt, in July 2003. The consortium will supply steam turbine generators in three years to build the Nubaria Power Station, a 1,500 MW gas and steam combined cycle project. It is the first large-scale power station project in Egypt for a Japanese consortium after the recent war in Iraq. "Our interim financial results represent important momentum in achieving progress in our Medium-Term Management Plan and show that we are on course," said Tomen president Mahito Kageyama. "Moreover, in the coming period, we will accelerate implementation of the plan, moving toward bringing it to its conclusion successfully. The completion of the capital increase by the Toyota Group further reinforced customer and market confidence in Tomen." Progress of the Tomen Group Medium-Term Management Plan at September 30, 2003
For the first half period ended September 2003, Tomen completed major steps of the plan including: 1. Reduction in total assets 2. Reduction in interest-bearing debt 3. Increase in shareholders' equity Information on Tomen's Medium-Term Management Plan can be reviewed on our Investor Relations website at http://www.tomen.co.jp/investor/index.html. About Tomen Corporation * Press Release [PDF 16KB]
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