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September 12, 2005
    
Consolidated Financial Results for the Six Months Ended June 30, 2005
(Based on Japanese GAAP)
 

Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Moriji Kanada) is pleased t o announce the interim results of operations for the six-month term ended June 30, 2005, as follows:

1. Operating results for the term (January-June 2005, consolidated)
In the term under review, consolidated sales amounted to approximately ¥1,279.5 billion, an increase of ¥201.3 billion (18.7%) over the corresponding period last year, with operating income of approximately ¥26.3 billion, an increase of ¥4.6 billion (21.0%) over last year. In addition, through the contributions of affiliated companies (net equity earnings of affiliated companies were ¥2.6 billion) and other favorable conditions, ordinary income was about ¥28.9 billion, an increase of ¥5.9 billion (25.7%) over the corresponding period last year.
With extraordinary gains of ¥4.7 billion from the sale of securities and fixed assets, income taxes of ¥13.9 billion and minority interest of ¥2.8 billion, net income for the term was approximately ¥16.8 billion, an increase of ¥5.2 billion (45.3%) over the corresponding period last year.

Backed by firmness in domestic and overseas steel product prices, both Metal One Corporation and its subsidiaries achieved higher levels of sales and gross profit than originally forecast for the term under review, with net income for the six-month period almost reaching the target (¥20.0 billion) for the full year ending December 31, 2005.

2. Financial position at the end of the term
At the end of the six-month term under review, consolidated gross assets stood at ¥1,112.7 billion (an increase of ¥21.3 billion, on a consolidated basis, compared with the six-month term ended December 31, 2004), consolidated interest-bearing debts totaled ¥411.3 billion (an increase of ¥48.1 billion, on a consolidated basis, compared with the term ended December 31, 2004) and shareholders' equity amounted to ¥211.1 billion (an increase of ¥13.5 billion, on a consolidated basis, compared with the term ended December 31, 2004).

3. Outlook for the fiscal year ending December 31, 2005
As the performance in the first six-month period exceeded the original forecast (as outlined above) due to the strength of domestic and overseas steel product prices, the forecasts were revised. As a result, sales for the full year (2005) are expected to total ¥2.52 trillion (previously ¥2.50 trillion), with net income of ¥25.5 billion (previously ¥20.0 billion).

4. Consolidated income statement
  (Unit: ¥ million)
 
  For the 6-month period ended June 30, 2005 For the 6-month period ended June 30, 2004
Sales
1,279,531  
1,078,204 
Gross profit 65,724   59,892 
Operating income 26,331   21,768 
Ordinary income 28,905   22,991 
Net income
16,831  
11,584 
 
 
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