Tosoh Revises Earnings Outlook for Fiscal 2010
(April 1, 2009–March 31, 2010)
Tokyo, Japan—Tosoh Corporation has revised its consolidated earnings targets for fiscal 2010 (April 1, 2009–March 31, 2010). The revision projects a 20.0% drop in operating income, to ¥20.0 billion (US$222.0 million), and a 44.4% slide in net income, to ¥5.0 billion (US$55.4 million), compared with the earnings forecast announced by the company on May 12, 2009.
Tosoh also has made revisions to the consolidated results it anticipates for the first half of fiscal year 2010. Net sales are expected to decrease 4.0% from the previous first-half forecast, to ¥297.7 billion (US$3.3 billion). Operating income is expected to drop 37.5%, to ¥2.5 billion (US$28.0 million). And net income is projected to post a loss of ¥2.2 billion (US$24.4 million).
The decreases on a consolidated basis are attributed to declines in sales and profitability for subsidiaries in our specialty operations. Foreign markets are expected to continue to grow while an increase in the cost of raw materials will result in price adjustments for Tosoh’s core product lines. However, a complete recovery in demand is not forecast, and therefore the revised outlook is for net sales to remain the same as previously estimated and for profitability to decrease for the entire fiscal year 2010.
Tosoh’s full-year fiscal 2010 forecasts are based on a domestic production price for naphtha of ¥41,175 per kiloliter. In dollars, our forecasts are based on an exchange rate of ¥92.77 to the US dollar.
Summary:
Revised Consolidated Forecast for Fiscal Year 2010 (April 1, 2009–March 31, 2010)
TOSOH CORPORATION
WHO WE ARE
Tosoh Corporation is a Japanese chemical company established in 1935 and listed on the First Section of the Tokyo Stock Exchange. It is the parent of the Tosoh Group, which comprises 140 companies worldwide and a multiethnic workforce of over 11,000 people and generated net sales of ¥733.5 billion (US$7.5 billion at the year-end rate of ¥98.23 to the US dollar) in fiscal 2009, ended March 31, 2009.
WHAT WE DO
Tosoh is one of the largest chlor-alkali manufacturers in Asia. The Company supplies the plastic resins and an array of the basic chemicals that support modern life. Tosoh’s petrochemical operations supply ethylene, polymers, and polyethylene, while its electronic materials business serves the global semiconductor and flat-panel display industries. Tosoh has also pioneered sophisticated bioscience systems that are used for the rapid diagnosis of life-threatening diseases, such as diabetes and certain cancers, and to prevent epidemics by identifying pathogenic microbes. In addition, Tosoh develops products and provides services to purify water and to monitor the environment as part of a commitment to a sustainable future.
Stock Exchange Ticker Symbol: 4042
For more information, please contact
Michael Hoover
International Corporate Development
Tosoh Corporation
michael.hoover@tosoh.com
Tel: +81-3-5427-5118
Fax: +81-3-5427-5198
www.tosoh.com