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TOTO LTD to Cancel Capital and Marketing Alliances with The Siam Cement Public Company Limited; Amends Mid-year and Full-year Consolidated Outlook for FY 2014


Wednesday, 29 May 2013 04:00am EDT 

TOTO LTD announced that it has decided to cancel the capital and marketing alliances with The Siam Cement Public Company Limited, on July 2, 2013. As a result, the Company will sell its stake in two joint ventures Siam Sanitary Ware Co.,Ltd. and The Siam Sanitary Fittings Co.,Ltd. to Siam Cement, and the Company‚Äôs subsidiary TOTO Asia Oceania Pte. Ltd. will acquire the remaining stake in a joint venture TOTO Manufacturing(Thailand) Co.,Ltd. from Siam Cement. The Company also has reaffirmed its mid-year consolidated outlook for revenue of JPY 240,500 million, operating profit of JPY 8,700 million, ordinary profit of JPY 9,400 million, and raised its mid-year consolidated outlook for net profit from JPY 7,400 million to JPY 11,600 million, and earnings per share from JPY 21.56 to JPY 33.79, for the fiscal year ending March 31, 2014. The Company has reaffirmed its full-year consolidated outlook for revenue of JPY 517,000 million, operating profit of JPY 29,000 million, ordinary profit of JPY 30,000 million, and raised its mid-year consolidated outlook for net profit from JPY 20,000 million to JPY 24,200 million, and earnings per share from JPY 58.26 to JPY 70.49, for the fiscal year ending March 31, 2014. This is due to the sale of stake in joint ventures. 

Company Quote

1414.0
4.0 +0.28%
21 Nov 2014