Chiyoda Announces FY 2008 Third-Quarter Financial Results

YOKOHAMA, Japan--(Business Wire)--
Chiyoda Corporation (TOKYO:6366)(ISIN:JP3528600004), Japan's
leading engineering and construction firm, today reported consolidated
financial results for the first nine months of the current fiscal year
ending March 31, 2008.

New contracts on a consolidated basis were 211,757 million yen, a
56.4% decrease compared with the same period of the previous year, and
the backlog of contracts decreased 29.0% to 802,149 million yen.
Revenues increased 37.3% to 459,002 million yen, operating income was
down 20.4% to 16,743 million yen, and recurring profit decreased 1.9%
to 25,977 million yen. Net income decreased 4.8% to 15,998 million
yen, 83.22 yen per share.

In overseas markets, new plant construction plans around the world
are being driven by continuing growth in global energy demand. In the
Middle East, where there is an ongoing rush to construct new plants,
project execution is severely constrained due to a tight supply of
skilled workers. Under these circumstances, the Chiyoda Group is
working to ensure steady execution of ongoing projects, mainly in
Qatar, through stricter risk management, including measures to counter
higher costs.

In the domestic market, the drive to invest remains firm in
projects for new construction of large-scale LNG receiving terminals,
and investment remains firm in new facility construction and existing
facility renovation, mainly in the fields of petroleum and
petrochemicals. Centered on the petroleum field, the Chiyoda Group's
new contracts, ongoing projects and construction completions are
proceeding smoothly.

Chiyoda is making no revisions at this time to its forecast of
full-term consolidated results for the fiscal year ending March 31,
2008, announced on November 9, 2007. The year-end dividend forecast,
18 yen per share, is unchanged. Forecasts continue to assume an
exchange rate of 110 yen to the U.S. dollar.

Chiyoda Corporation, headquartered in Yokohama, Japan, provides
services in the field of engineering, procurement and construction
(EPC) for gas processing, oil refineries and other hydrocarbon
processing and industrial plant projects, particularly in Gas Value
Chain areas, on a global basis including the Middle East, Russia,
Africa and South East Asia. For over 60 years, Chiyoda has constantly
leveraged its extensive experience and a far-reaching global network
to give it an unrivaled advantage.

Chiyoda Corporation
Ken Ito/Aki Tanaka, +81-45-506-7538
Investor Relations and Corporate Relations Office
kito@ykh.chiyoda.co.jp
Fax: +81-45-506-7085
www.chiyoda-corp.com

Copyright Business Wire 2008