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November 6, 2008
 

Consolidated Financial Results for the First Half of FY2008

(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 first half of FY2008 (April to September) as follows:

Outline of Financial Results for the First Half of FY2008
 
[Overview of financial results for the first half of FY2008]
  Sales, gross profit, operating income, and ordinary income all increased compared to those for the first half of the previous year (January to June) thanks to the continuing robustness of domestic transactions, such as steel plates, steel sheets, structural steel, and construction materials, as well as transactions of automotive steel, wire rods, and specialty steel. Operations in the first half of FY2008 (April to September) along with the rising prices of all steel products other than stainless steel were contributing factors. As a result, net income for the first half of the current fiscal year was 20.8 billion, 1 billion more than that for the first half of FY2007.
   
[First-half results]
  According to consolidated results for the first half of FY2008 (April to September), sales of 1,747.7 billion exceeded those for the first half of the previous year by 240.5 billion (16.0%). Gross profit went up 10.4 billion year on year (13.4%), to 88 billion. Operating income was 37.4 billion, up 4.4 billion (13.3%) from that for the first half of the year before. Ordinary income rose 6 billion (17.4%) from the figure for the first half of the previous year, to 40.2 billion.
Net income of 20.8 billion exceeded that for the first half of FY2007 by 1 billion (5.1%) although extraordinary gains and losses were -1.7 billion.
 
(Unit: million)
Item First half FY2008
(Apr. to Sep.)
First half FY2007
(Jan. to Jun.)
Reference
(Apr. to Sep. FY2007)
Sales
1,747,736
1,507,213
1,514,319
Gross profit
88,045
77,665
74,551
Operating income
37,404
33,000
29,232
Ordinary income
40,158
34,193
30,396
Net income
20,750
19,739
18,391
 
Note: The fiscal year-end was changed from December 31 to March 31 in the previous fiscal year. Therefore, the results for the first half of the current fiscal year are for April to September.
   
[Financial status]
  Regarding the Company's financial position at the end of the first half of FY2008, increases in accounts receivable and inventories resulted in consolidated gross assets of 1,372 billion, an increase of 129.1 billion from that at the close of FY2007. Consolidated interest-bearing debt rose 88.7 billion, to 472.9 billion, compared to that at the close of the previous fiscal year.
Net assets, excluding minority shareholders' equity, came to 273.2 billion, down 15 billion from the level at the close of FY2007 due to net unrealized losses on securities and foreign-currency translation adjustments.
   
   
Outlook for consolidated performance for fiscal year ending March 31, 2009
   
  The financial crisis that began in mid-September had an immediate and serious impact on the world's economy, including emerging countries. As such, automotive and construction machinery manufacturing volumes that have, up to now, been robust will have to be inevitably revised downward. As a result, internal and external demand is expected to fall in the second half of the current fiscal year (October to March). Against this backdrop, future price movements will be unpredictable (depending on the type of product).
Under such conditions, although the results for the first half of FY2008 were favorable, the outlook for the second half is uncertain at best. Consolidated performance in FY2008 (April to March) will be left at the figures initially forecast, i.e., 3,600 billion in sales and 36.5 billion in net income.
   
   
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