SUMIDA: Investor News

Revision of Consolidated Business Forecast for FY2009

July 31st 2009 Press Release

SUMIDA CORPORATION, hereby announces the revision of the consolidated business forecast for Fiscal Year 2009 (01/01/09 ~ 31/12/09) released on 24th February, 2009.
The annual dividend forecast 20 yen per share (5 yen per share for each quarter) remains unchanged.

  1. Revision of Consolidated Business Forecast
    1. Consolidated Business Forecast for FY2009
      (Millions of yen)
        Net sales Operating
      income
      Ordinary
      income
      Net income EPS
      (Yen)
      Previous Forecast (A)
      (Released on 24th Feb, 09)
       47,600  1,490 890  700 36.43
      Revised Forecast (B)
      (Released on 31st Jul, 09)
      43,100 (1,250) (1,600) (2,000) (104.10)
      Variance (B-A)  (4,500) (2,740) (2,490) (2,700) (140.53)
       % of Variance  (9.5%) - - - -
      (For reference)
      Results of FY2008
      55,734 2,167 (146) (5,743) (298.91)
      *EPS … Earnings per share
    2. Reasons for the Revision
        1. While we have increased our sales in Asia where economy is on recovery trend, sales in Europe (account for nearly half sales of Sumida Group) have not improved though there were some initial signs of recovery in the automotive related market. In the 2nd half year FY2009, as we plan to increase as much sales in the consumer electronics field and also expect contribution of Concord Electronics Industries Co., Ltd. which joined in the Group recently, the profit will be increased compared with the 1st half year (Jan-Jun, 09), however the consolidated sales for FY2009 will be 43,100 million yen, decreased by 4,500 million yen compared with the previous forecast.
        2. With various cost reduction measures including reducing material cost and labor cost, the break even point will be lowered by 20% in FY2009. However, due to slow recovery of European market and automotive related market, although we are targeting and expecting to be profitable in the 2nd half year of FY2009, we expect operating deficit of 1,250 million yen in full year, decreased by 2,740 million yen compared with the previous forecast.
        3. While we continue to increase sales for recovering Asia, we are planning to expand sales for consumer electronics in Europe as well as to recover sales for automotive related field by seizing opportunities of recovering countries such as Germany. We will strive for making profit in FY2010 by focusing on cost reduction measures including further refinement of cost structure and shifting production site to Asia.

          For Reference:
          (Millions of yen)
            Net sales Operating
          income
          Ordinary
          income
          Net income
          1st Quarter (actual) 8,579 (1,345) (1,057) (1,071)
          2nd Quarter (actual) 10,066 (377) (640) (994)
          1st Half Year FY09 Total (actual) 18,645 (1,722) (1,697) (2,065)
          2nd Half Year FY09 Forecast 24,455 472 97 65 
          Full Year FY09 Forecast 43,100 (1,250) (1,600)  (2,000)

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