Taiheiyo Cement downgrades FY net profit forecast

Taiheiyo Cement downgrades FY net profit forecast
Published: 14 November 2007

Taiheiyo Cement Corp decreased full-year net profit forecast 29.7 per cent to JPY22.5bn after increasing net profit 7.9 percent to JPY8.5 billion for the half-year to September 30, 2007.  
 
Revenue was up 1 percent to JPY459.4bn.  
 
Operating profit decreased 15.2 percent to JPY25.8bn and ordinary profit fell 17.2 per cent to JPY21bn.  
 
Earnings per share rose from JPY8.2 to JPY8.4 per share. An interim dividend of JPY20 was declared and an annual dividend of JPY5 per share is estimated, up from JPY4 last year.  
 
Despite a 3.1 percent decrease in cement sales in Japan and 6.7 percent decrease in export volume, successful sales price revisions ensured stable revenue gains. The posting of JPY2.25 billion in reversal of the prior year’s income taxes pushed up net profit.