Chiyoda Announces Its Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2010
IR Information Aug 06, 2009
Chiyoda Corporation (TSE: 6366; ISIN: JP3528600004), Japan’s leading engineering and construction firm, today announced its consolidated financial results for the first quarter of the fiscal year ending March 31, 2010.
Consolidated New Contracts for the first quarter of the consolidated fiscal year was 54,270 million yen (a 17.3% year-on-year increase), while consolidated Contract Backlog amounted to 395,465 million yen (36.3% year-on-year decrease). Consolidated Revenues amounted to 82,677 million yen (27.7% year-on-year decrease), with Operating Income of 2,870 million yen (112.1% year-on-year increase), Ordinary Income of 3,848 million yen (17.5% year-on-year increase), and quarterly Net Income of 2,081 million yen (16.6% year-on-year increase).
In the first quarter of the consolidated fiscal year, we have seen signs of a resumption in investment projects that had been postponed due to the impact of the fall-off in the product market and contraction in demand caused by the dramatic economic decline that started during the prior fiscal year. Under these circumstances, Chiyoda has focused on securing new contracts while engaging in the steady execution of existing projects. In the first quarter Chiyoda was awarded EPC work for a Coker unit in Saudi Arabia. Regarding the execution, of the six trains (7.8 million ton/year each) being constructed in Qatar for the world-largest LNG plants, Chiyoda has completed a total of three; two completed recently in addition to the train completed during the prior period.
Chiyoda is making no revision at this time to its interim and full-year forecasts of consolidated financial results for the fiscal year ending March 31, 2010, or to the year-end dividend of 6.00 yen per share, announced on May 13, 2009. The forecasts continue to assume an exchange rate of 95.0 yen to the U.S. dollar.