Chiyoda Corp. Reports Strong Interim Profit.Business Editors TOKYO--(BUSINESS WIRE)--Nov. 13, 2003 Chiyoda Corporation, a major Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and plant engineering company, reported strong rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective in consolidated revenues and profit for the first half ended September September: see month. 30. Underpinned by growing orders, and an order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. and completion of large-scale projects, consolidated revenues rose 27.9% year-on-year to 88,679 million yen, topping the beginning-of-year forecast by 10%. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. was up 142.3% to 2,495 million yen as the operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: rose from 1.5% in the first half recorded in the previous fiscal year to 2.8%, reflecting higher margins on individual projects and a lower SG&A ratio. Ordinary profit climbed 84.6% to 3,011 million yen. Although net profit, affected by extraordinary factors, of 2,162 million yen was 12.8% below the previous year level, it was still 116% above the previous forecast. Orders in the first half rose 138.6% to 241,522 million yen, a level 90% of the 270,000 million yen forecast for the full fiscal year. The order backlog increased to 453,952 million yen, up 186,724 million yen from the same period a year ago. The share of natural gas-related projects increased from 28% to 77%, reflecting Chiyoda's strength in this core area. Total orders in Japan declined by 1.4% but were up 235.9% overseas. By overseas geographical region, the share of orders in other regions, which includes Russia, increased from near zero in the previous first half to 63%. Major orders included the Sakhalin II LNG LNG (liquefied natural gas): see under natural gas. Project in Russia and additional gas processing plants for RasGas in Qautar. Forecasts for the full fiscal year see consolidated ordinary profit of 5,000 million yen, up from 4,200 million yen projected earlier, on revenues of 200,000 million yen. Net profit is projected at 4,100 million yen, an upward revision from 3,400 million yen forecast earlier. Chiyoda revised the outlook for orders for the full year from 270,000 million yen to 280,000 million yen. Projections are based on an exchange rate of 110 yen to the U. S. dollar. Chiyoda has decided to continue to suspend paying dividends pending further improvement in its balance sheet. For complete details on interim results, visit Chiyoda Corporation's website at http://www.chiyoda-corp.com/index_e.html |
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