SUMIDA: Investor News

Financial Results in the 1st Half and Revised Forecast for FY2010

July 30th 2010 Press Release

SUMIDA CORPORATION (“Sumida”) announced today that the consolidated financial results in the 1st Half of FY2010, that have been released today, had favorable variances against the forecast announced on February 18, 2010.
Sumida also announced the annual forecast for FY2010 ending December 31, 2010 has also been upwardly revised.

  1. Actual vs. forecast of the 1st Half of FY2010 (Jan. 1 - Jun. 30, 2010)
    (Millions of yen)
      Net sales Operating
    income
    Ordinary
    income
    Net income EPS
    (Yen)
    Previous forecast (A) 
    (Released on Feb 18,’10) 
     24,400  1,360  1,060  890 46.32
     Revised Forecast (B)  27,001 2,062  1,235 906  47.13
     Change (B)-(A) 2,601 702  175 16 0.81
     Change (%) (B)/(A)  10.7%   51.7% 16.5% 1.8%   -
    (For reference) 
    Actual of the 1st Half of FY2009 
    18,645  (1,722) (1,697) (2,065) (107.49)
  2. Reasons for the Change
    Overall sales in the 1st Half of FY2010 were above forecast owing to steady increase of sales for consumer electronics in the emerging markets primarily driven by China, as well as the faster recovery in demand for automotive-related devices than expected. In terms of profit, operating income was much above forecast reflecting increased sales as well as more-than-expected effects of enhanced production efficiency achieved through streamlining production system.
  3. Revised Forecast for FY2010 Ending December 31, 2010
    (Millions of yen)
      Net sales Operating
    income
    Ordinary
    income
    Net income EPS
    (Yen)
    Previous forecast (A) 
    (Released on Feb 18,’10) 
     50,000  3,000 2,700  2,000 104.10 
     Revised Forecast (B)
    (Released on Jul 30,’10)
    52,600 3,700 2,730 2,200 114.51
     Change (B)-(A) 2,600  700 30 200 10.41
     Change (%) (B)/(A)  5.2%   23.3% 1.1% 10.0%   -
    (For reference) 
    Actual of FY2009 
    43,653 (233) (774) (2,009) (104.57)
  4. Reasons for the Revision 
    As for the forecast for the 2nd Half FY2010, though there are positive factors reflecting good results in the 1st Half, we adhere fundamentally to the original business plan. That is because there are some uncertainties expected in the 2nd Half such as slowing down in the European and the U.S. markets, appreciation of yen against euro, minimum wage increase in China and appreciation of RMB. In the revised forecast, we assumed exchange rates for yen of 88 yen to the dollar and 117 yen to the euro (1 euro=1.33 U.S. dollar).

 

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