News Release

2005.8.4Financial and Performance Review for the First Quarter of the Year Ending March 2006

(Note) Figures shown have been rounded down to the nearest million yen

Our financial and performance review for the first quarter of the year ending March 2006 was announced on Thursday, August 4 at the Tokyo Stock Exchange and Osaka Securities Exchange Press Clubs. An outline of the announcement is presented below.

Performance Review for the First Quarter of the Year Ending March 2006
(April 1 to June 30, 2005)

Operating results (consolidated progress)

(% is in comparison to the previous year)

  Sales Operating income Ordinary income Net income for
the quarter(term)
(millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (millions of yen) (%)
First quarter of the
year ending March 2006
41,008 100.4 2,086 90.7 1,955 88.9 952 76.4
First quarter of the
year ending March 2005
40,852 106.6 2,300 100.1 2,198 96.2 1,246  
(Reference)Year
ending March 2005
172,978   11,405   10,946 7,023  

* As the disclosure of net income for the quarter (term) started in the first quarter of the year ending March 2005, the net income in the period in comparison to the previous year is not mentioned.

The domestic economy in Japan during the first quarter of the year ending March 2006 gradually recovered, assisted by the improvements in corporate profitability and increases in capital investment, but future conditions were continuously unpredictable due to various concerns such as skyrocketing oil prices.
In such a corporate environment during the first quarter of the year ending March 2006, our group increased sales in the oils and fats processing business, but the sales growth in the confectionery and baking ingredients business and soy protein business was limited because of weak demand. Regarding profits, although we focused on the Three-pronged development strategy initiative and cost reduction, a delay in the marketing of the new investment project and an increase in depreciation costs resulted in a year-on-year decline.
Consequently, in the first quarter of the year ending March 2006, we achieved a consolidated sales of 41,080 million yen (an increase of 0.4% over the previous year), a consolidated operating income of 2,086 million yen (a decrease of 9.3% over the previous year), consolidated ordinary income of 1,955 million yen (a decrease of 11.1% over the previous year), and a net profit for the quarter of 952 million yen (a decrease of 23.6% over the previous year).

Predictions for Consolidated Results for the Year Ending March 2006
(April 1, 2005 to March 31, 2006)

We have not corrected the predictions for results for either the mid term or the whole year released on May 12, 2005 in anticipation of the potential of an increase in the sales of hard butters for chocolate by our group company in the US in the future.

(millions of yen)

  Sales Operating income Ordinary income Net income for
the quarter(term)
Mid year 86,600 5,100 4,900 2,500
Whole year 184,000 12,000 11,500 5,900

(Reference) Predicted net income per share for the term (whole year): 67.40 yen

* We have made the predictions above based upon the information available on the date of the release of this report, and actual results may differ from the predictions due to various factors.

End of report

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