Subsidiary's Revised Forecast
April 08 2003 - 8:15AM
UK Regulatory
RNS Number:7679J
Toshiba Corporation
08 April 2003
Immediate Release
April 8, 2003
Toshiba Corporation
Notice of a Toshiba Subsidiary's Revised Forecast of FY2002 Results
Toshiba Plant Kensetsu Co. Ltd. (hereafter TPK), a subsidiary of Toshiba
Corporation, has revised its business forecast for fiscal year 2002, from April
1, 2002 to March 31, 2003. The revised forecast of consolidated and
non-consolidated results replaces that announced on October 30, 2002.
1. Revised forecast of the FY2002 results
Unit: Million yen
Consolidated
Sales Ordinary Net
Income (loss) Income (Loss)
Previous Announcement, on 99,000 1,200 500
October 30, 2002 (A)
Revised forecast (B) 97,500 1,400 350
Balance (B)-(A) -1,500 200 -150
Ratio of -1.5% 16.7% -33.3%
Increase/ Decrease
Previous Results 108,482 -1,716 -2,295
(FY2001)
Non-Consolidated
Sales Ordinary Net
Income (loss) Income (loss)
Previous Announcement, on 96,000 1,000 400
October 30, 2002 (A)
Revised forecast (B) 94,000 1,400 300
Balance (B)-(A) -2,000 400 -100
Ratio of -2.1% 40.0% -25.0%
Increase/ Decrease
Previous Results 104,919 -2,007 -2,321
(FY2001)
2. Backgrounds to the revised forecast
TPK has revised its October 30, 2002 forecast for fiscal year 2002. The new
forecast sees consolidated sales revised down by 1.5 billion yen, an increase in
ordinary income of 0.2 billion yen, and a fall in net income of 0.15 billion
yen. On a non-consolidated basis, sales are expected to decline by 2 billion
yen, ordinary income will increase by 0.4 billion yen, and net income will
decrease by 0.1 billion yen.
The increase in non-consolidated income primarily reflects the company's
successful efforts to reduce SG&A. However, a consolidated subsidiary recorded a
loss in construction contract, and an extraordinary loss was recorded as a
result of the fall in the stock valuation of this subsidiary. The forecast for
ordinary income remains similar to that in the previous forecast. This will be
achieved by realizing an extraordinary profit, equivalent to the extraordinary
loss, from the sale of stock owned by TPK. Net income will be reduced as a
result of the valuation losses which did not recognize the deferred tax assets.
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