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| Chiyoda reports results for the first half FY 2007 Chiyoda Corporation, Japan's leading engineering and construction firm, reported consolidated financial results for the first half of the current fiscal year ending March 31, 2007. Consolidated operating income rose 64.1% from the first half of the previous fiscal year to 13,490 million yen, and revenues rose 27.5% to 210,981 million yen against a backdrop of steady progress in construction and strong performance by domestic Chiyoda Group companies. Revenues totaled 44,657 million yen in Japan (up 5.3%), and 166,324 million yen overseas (up 35.1%). Ordinary profit increased 84.9% to 16,697 million yen due to factors including higher interest income from an increase in jointly controlled assets of joint venture. Net income was up 5.2% to 11, 173 million yen. Net income per share climbed to 58.14 yen. Operating income increased to 13,490 million yen as the operating income to revenues improved by 1.4 percentage points compared to the previous fiscal year to 6.4%. Revenues increased 27.5% over the same period of the previous year. Overseas, constructions in Qatar and Sakhalin proceeded steadily, and the LNG field grew significantly. In Japan, the petroleum and petrochemicals field grew substantially with the brisk progress of chemical refinery integration. The fine industries field increased steadily, with firm investment in pharmaceuticals and electronic materials. Based on the assumption of an exchange rate of 110 yen to the U.S. dollar, the company is forecasting revenues of 420,000 million yen, ordinary income of 28,000 million yen and net profit of 16,500 million yen for the fiscal year ending March 2007. These forecasts have not been revised as of this interim period. This is because the attitude of the Russian authorities with regard to the Sakhalin 2 Project remains unclear, and because the Company plans to wait a little longer to see the effects of the worldwide shortage of site construction workers on the progress of construction. Chiyoda plans to pay a dividend of 14 yen per share, as announced in May. write your comments about the article :: © 2006 Construction News :: home page |