Dear Shareholders,
January 5, 2015
Listed company name: KROSAKI HARIMA CORPORATION Representative: Nobuhiko Ikura, President
Securities Code: 5352
Based on its recent performance trends, Krosaki Harima Corporation ("the Company") has revised the performance forecasts announced on November 7, 2014, as detailed below.
● Revision to Performance Forecasts
Revision to the Consolidated Performance Forecasts for the Fiscal Year Ending March 2015 (From April 1, 2014, to March 31, 2015)
Net sales | Operating income | Ordinary income | Net income | Net income per share | |
Previous estimate (A) | Millions of yen 109,000 | Millions of yen 3,700 | Millions of yen 3,300 | Millions of yen 2,100 | Yen 24.89 |
Revised estimate (B) | 109,000 | 3,700 | 3,300 | 1,428 | 16.93 |
Variance by amount (B - A) | ― | ― | ― | (671) | |
Variance by percentage (%) | ― | ― | ― | (32.0) | |
Results for the fiscal year ended March 2014 | 101,005 | 2,869 | 3,063 | 1,968 | 23.33 |
Reasons for the Revision
As stated in the Notice Regarding a Loss on Valuation of Securities for the Third Quarter of the Fiscal Year Ending March 31, 2015, which was released today-January 5, 2015-the market value of the listed shares of Magnesita Refratários S.A., a leading manufacturer of refractories in Brazil, held by the Company fell under half of their book value at the end of the third quarter of the fiscal year ending March 31, 2015, and therefore the Company wrote down those shares and recognized a loss on valuation of securities as an extraordinary loss for the third quarter of the fiscal year ending March 31, 2015. Accordingly, the Company has made a downward revision to its forecast of consolidated net income for the fiscal year ending March 31, 2015.
The loss on valuation of those securities may vary or may not be recognized for the fiscal year ending March 31,
2015, depending on their market value at the end of said fiscal year.
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