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| October 15, 2002 |
| Mitsubishi Rayon Co., Ltd. |
|
|
| Notice of Revision of Estimates of
Business Performance for Six Months Ended September 30, 2002 |
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| In light of recent developments, the Company
has revised its previous estimates of business performance
for the first half of the fiscal 2002 business term, the six
months ended September 30, 2002. The previous estimates were
announced on May 14, 2002: the revised figures are given below. |
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|
1. Revised estimates of business performance
on a consolidated basis for six-month term from April 1,
2002 to September 30, 2002
(Millions
of yen; %) |
| |
Net sales
|
Operating income
|
Ordinary income
|
Net income
|
Previous estimates (A)
(May
14, 2002)
|
147,000
|
10,000
|
8,000
|
4,000
|
| Latest estimates (B) |
150,000
|
9,000
|
7,000
|
2,500
|
| Change (B-A) |
3,000
|
(1,000)
|
(1,000)
|
(1,500)
|
| Percentage change |
2.0
|
(10.0)
|
(12.5)
|
(37.5)
|
| Previous first half (6 months to
Sep. 2001) |
156,895
|
11,299
|
8,816
|
1,084
|
|
|
|
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2. Revised estimates of business performance
on a non-consolidated basis for six-month term from April
1, 2002 to September 30, 2002
(Millions
of yen; %) |
| |
Net sales
|
Operating income
|
Ordinary income
|
Net income
|
Previous estimates (A)
(May
14, 2002)
|
92,500
|
7,000
|
6,500
|
4,000
|
| Latest estimates (B) |
95,390
|
6,620
|
5,700
|
2,090
|
| Change (B-A) |
2,890
|
(380)
|
(800)
|
(1,910)
|
| Percentage change |
3.1
|
(5.4)
|
(12.3)
|
(47.7)
|
| Previous first half (6 months to
Sep. 2001) |
115,219
|
8,040
|
8,552
|
2,407
|
|
|
|
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3. Reasons for Revisions
Although the volume of sales of the majority of the Company's products
increased during the six months under review, we were unable to effect price
raises on acrylic fiber and carbon fiber products sufficiently to offset increased
prices of raw materials and the adverse effects of the appreciation of the yen
on the foreign exchange markets. As a result, operating income and ordinary income
on overall operations are now both expected to fall short of the figures forecast
on May 14, 2002.
In addition to the foregoing, the Company is also expected
to record an extraordinary loss (amounting to approximately \3.1 billion on a
non-consolidated basis), resulting mainly from loss on valuation of securities
holdings stemming from the weakness of the stock market. In consequence of this,
net income is also estimated to fall well short of our previously announced estimate.
An update on the Company's estimates regarding business
performance for the full term ending March 31, 2003 will be provided on November
13, 2002, the date of announcement of the interim settlement of accounts. |
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