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Showa Holdings Co Ltd Cancels Extraordinary Profit for Q1 of FY 2014; Expects Additional Extraordinary Profits for Q1 of FY 2014 and Amends Mid-year and Full-year Consolidated Outlook for FY 2014


Wednesday, 14 Aug 2013 07:30am EDT 

Showa Holdings Co Ltd announced that it has canceled the accounting of extraordinary profit for approximately JPY 1,005 million for gain on sale of investment securities, for the first quarter of fiscal year ending March 31, 2014. The Company expects the extraordinary profits of JPY 258,607,000 for gain on negative goodwill and JPY 72,101 million for gain on equity change, for the same period. As a result, it has raised mid-year consolidated outlook for revenue from JPY 4,000 million to JPY 4,350 million, and lowered mid-year consolidated outlook for operating profit from JPY 700 million to JPY 420 million, ordinary profit from JPY 700 million to JPY 500 million, net profit from JPY 500 million to JPY 190 million, and earnings per share from JPY 10.75 to JPY 4.08, for the fiscal year ending March 31, 2014. The Company also raised full-year consolidated outlook for revenue from JPY 8,300 million to JPY 8,850 million, and lowered full-year consolidated outlook for operating profit from JPY 1,500 million to JPY 920 million, ordinary profit from JPY 1,500 million to JPY 1,050 million, net profit from JPY 550 million to JPY 230 million, and earnings per share from JPY 11.82 to JPY 4.94, for the same fiscal year. The Company raised outlook for revenue for increase in sales from finance business, and lowered outlook for operating profit, ordinary profit and net profit for decrease in royalty and rubber revenue, investment cost and cancellation of extraordinary profit. 

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