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November 4, 2010
 

Consolidated Financial Results for the First Half of FY2010

(Based on Japanese GAAP)


Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Naoto Matsuoka) is pleased to announce its interim results of operations for the first half of FY2010 (April to September) as follows:

Outline of Consolidated Financial Results for the First Half of FY2010
 
[Overview]
  From the fourth quarter of FY2008 to the first quarter of FY2009, while the global financial crisis was still being felt, overall demand was at its lowest. Soon thereafter, however, the trend took an upward turn and continued into the first half of FY2010 (April to September). However, the level of recovery reached by each country varied greatly, particularly between advanced and developing nations. Regarding Metal One’s business situation in the first half of FY2010, steel sales to the automotive, electrical equipment, and construction and industrial equipment industries remained firm at home and overseas, offsetting lagging structural steel sales to the domestic construction industry.
Sales, gross profit, operating income, and ordinary income all exceeded those in the same period of the previous fiscal year as a result, and ¥11.3 billion in net income was recorded for the first half of FY2010, topping the previous year’s first-half results by ¥9.7 billion
   
[Key items in the consolidated income statement]
  Key items in the consolidated income statement for the first half of FY2010 (April to September) were as follows: sales were ¥1,230.8 billion, ¥258 billion (26.5%) more than that in the same period the year before; gross profits were ¥58.4 billion, up ¥14 billion (31.6%) from the level for the same period last year; operating income was ¥17.4 billion, ¥14.7 billion higher than the previous fiscal year’s first-half figure; and ordinary income was ¥20 billion, up ¥18.7 billion from that in the same period last year.
After subtracting ¥7.5 billion in income tax, etc., net income came to ¥11.3 billion, ¥9.7 billion higher than that in the first half of FY2009.
 
(Unit: ¥ million)
Item First half of FY2010
(Apr. to Sep.)
Reference
First half of FY2009 First half of FY2008
Sales
1,230,812
972,813
1,747,736
Gross profit
58,438
44,399
88,045
Operating income
17,387
2,648
37,404
Ordinary income
20,004
1,267
40,158
Net income
11,298
1,587
20,750
 
   
[Main items in the consolidated balance sheet]
  Consolidated total assets were ¥1,012.5 billion at the end of the first half of FY2010, up ¥17.5 billion compared to the figure at the end of FY2009. This was mainly due to increases in accounts receivable and inventories. Consolidated interest-bearing debt came to ¥333.6 billion, ¥23.6 billion more than that at the end of the previous fiscal year.
Net assets other than minority shareholders’ equity came to ¥256.9 billion, ¥6.8 billion less than those at the end of FY2009 due to declines in net unrealized gains on securities and foreign currency translation adjustments.
   
   
Outlook for Consolidated Performance for the Entire Fiscal Year
   
  Looking at the business environment in the second half of FY2010, demand in the domestic construction industry is expected to remain low. Also, there is concern over a deceleration in the economies of the United States and emerging nations, the strong yen, the end of the “eco-car” subsidy program, and other issues that might have a negative impact on economic recovery. Nevertheless, we are forecasting a consolidated net income of ¥18 billion, the exact numerical target for FY2010 that we announced in June along with our third Mid-term Consolidated Management Plan.
   
   
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