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September 11, 2006
    

Consolidated Financial Results for the First Half of FY2006

(Based on Japanese GAAP)

Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Moriji Kanada) is pleased to announce the interim results of operations for the six-month term ended June 30, 2006, as follows:


Outline of Financial Results for first half of FY2006

[Overview of consolidated results]
Due to increased domestic demand, robust trade in steel plate, construction steel, and automotive products in Japan, as well as an increase in business in the energy sector, a net income of 20 billion for the first half of FY2006 (January to June) exceeded the income for the same period in the previous year by 3.2 billion.

[Breakdown of main gains and losses]
According to the consolidated results for the first half of FY2006 (January to June), sales of 1,335.5 billion exceeded those for the same period in the previous year by 55.9 billion (4.4%). The gross profit rose 6.2 billion year on year (up 9.5%) to 72.0 billion and an operating income of 30.8 billion exceeded that for the first half of FY2005 by 4.4 billion (16.9%). Ordinary income rose to 31.3 billion, a year on year increase of 2.4 billion (8.4%).
Extraordinary gains and losses included an addition of 3.8 billion from the sale of securities, as well as a subtraction of 13 billion in income taxes and 2 billion for minority interests in consolidated subsidiaries. As a result, a net income of 20 billion for the first half of FY2006 (January to June) exceeded that for the same period in the previous year by 3.2 billion (19.1%).
  (Unit: ¥ million)
 
Item First half FY2006
(Jan. to Jun.)
First half FY2005
(Jan. to Jun.)
Sales
1,335,465  
1,279,531  
Gross profit 71,978   65,724  
Operating income 30,777   26,331  
Ordinary income 31,320   28,905  
Net income
20,048  
16,831  

[Financial status]

Regarding the Company's financial position for the first half of FY2006, reductions in accounts receivable and inventories resulted in consolidated gross assets of 1,116.0 billion (a reduction of 64.4 billion compared to the end of FY2005) and 370.2 billion in consolidated interest-bearing debts (a reduction of 31.4 billion compared to the end of FY2005).
Net assets amounted to 278.7 billion (a year on year increase of 31.8 billion) due to a rise in retained earnings and a move to listing minority interests in subsidiaries as net assets from this accounting period. Shareholders' equity rose 5.5 billion from the end of FY2005 to 252.4 billion.


Outlook for consolidated performance for fiscal year ending December 31, 2006

[Prospects for performance]
With projections that solid domestic demand will also continue during the second half of FY2006, expectations are that quantities and prices will generally remain the same as in the first half. However, because energy sector trade and extraordinary gains were concentrated in the first half, consolidated net income for the second half is forecast to greatly lag behind those of the first half, with a decline of 6.0 billion. As a result, consolidated results for the fiscal year ending December 31, 2006 are now forecast at 2.7 trillion in sales (initial forecast: 2.65 trillion) and 34.0 billion in net income (initial forecast: 30.0 billion).
 
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