[Sumitomo Mitsui Financial Group, Inc.]Sumitomo Mitsui Financial Group Announces Revision of Earnings Forecasts of a Consolidated Subsidiary (SAKURA KCS Corporation)(1/1)
Sumitomo
Mitsui Financial Group, Inc.
Sumitomo Mitsui Financial Group Announces Revision of Earnings Forecasts of a Consolidated Subsidiary
(SAKURA KCS Corporation)
(Appendix)
SAKURA KCS
Corporation Announces Revision of Earnings Forecasts for Fiscal Year 2007
1. Revision of consolidated earnings
forecast
(1) Revision of consolidated fiscal 2007
forecasts: First half ended September 30, 2007
(Millions of yen, except per share
amounts and percentages)
|
Sales
|
Operating
profit
|
Ordinary
profit
|
Net
income
|
Net
income per share
|
Previous
forecast (A)
|
11,850 yen
|
310 yen
|
400 yen
|
480 yen
|
42.85 yen
|
Revised
forecast (B)
|
11,354
|
195
|
279
|
391
|
34.96
|
Difference (B)|(A)
|
(495)
|
(114)
|
(120)
|
(88)
|
(7.89)
|
Percentage
change
|
(4.2)%
|
(37.0)%
|
(30.1)%
|
(18.4)%
|
(18.4)%
|
(Ref.) First Half of Fiscal 2006
|
10,905
|
306
|
390
|
469
|
41.92
|
(2) Revision
of consolidated fiscal 2007 forecasts: Full year ending March 31, 2008
(Millions of yen, except per share
amounts and percentages)
|
Sales
|
Operating
profit
|
Ordinary
profit
|
Net
income
|
Net
income per share
|
Previous
forecast (A)
|
24,700 yen
|
900 yen
|
1,060 yen
|
865 yen
|
77.23 yen
|
Revised
forecast (B)
|
24,700
|
805
|
950
|
780
|
69.64
|
Difference (B)|(A)
|
0
|
(95)
|
(110)
|
(85)
|
(7.59)
|
Percentage
change
|
0
|
(10.6)%
|
(10.4)%
|
(9.8)%
|
(9.8)%
|
(Ref.)
Fiscal year 2006
|
23,445
|
861
|
1,002
|
838
|
74.82
|
2. Revision of non-consolidated earnings
forecast
(1) Revision of non-consolidated fiscal
2007 forecasts: First half ended September 30, 2007
(Millions of yen, except per share
amounts and percentages)
|
Sales
|
Operating
profit
|
Ordinary
profit
|
Net
income
|
Net
income per share
|
Previous
forecast (A)
|
11,500 yen
|
265 yen
|
370 yen
|
435 yen
|
38.84 yen
|
Revised
forecast (B)
|
11,013
|
163
|
266
|
365
|
32.65
|
Difference (B)|(A)
|
(486)
|
(101)
|
(103)
|
(69)
|
(6.19)
|
Percentage
change
|
(4.2)%
|
(38.1)%
|
(28.0)%
|
(15.9)%
|
(15.9)%
|
(Ref.) First Half of
Fiscal 2006
|
10,519
|
256
|
359
|
458
|
40.95
|
(2) Revision
of non-consolidated fiscal 2007 forecasts: Full year ending March 31, 2008
(Millions of yen, except per share
amounts and percentages)
|
Sales
|
Operating
profit
|
Ordinary
profit
|
Net
income
|
Net
income per share
|
Previous
forecast (A)
|
24,000 yen
|
830 yen
|
1,000 yen
|
805 yen
|
71.87 yen
|
Revised
forecast (B)
|
24,000
|
735
|
900
|
730
|
65.18
|
Difference (B)|(A)
|
0
|
(95)
|
(100)
|
(75)
|
(6.69)
|
Percentage
change
|
0
|
(11.4)%
|
(10.0)%
|
(9.3)%
|
(9.3)%
|
(Ref.)
Fiscal year 2006
|
22,670
|
754
|
914
|
794
|
70.90
|
3. Factors behind the revision
(1) Earnings forecasts of the first
half ended September 30, 2007
Though both
consolidated and non-consolidated sales of the first half will be higher than the
results of the previous year, they are expected to be lower than the previous
forecasts, mainly due to a delay in recognition of sales on some projects and a
slowdown in sales of system development and hardware to the industrial and public
sectors.
Consolidated and non-consolidated operating
profit, ordinary profit and net income will be lower than the previous forecasts
due to unprofitable software development projects ordered from a leading IT
vendor.
(2) Earnings forecast for the full year
ending March 31, 2008
The
full-year sales forecast is expected to be achieved due to a favorable order
trend in the second half.
The full-year profit forecasts have
been revised reflecting the lower than expected profits in the first half
resulting from the above mentioned unprofitable project whose impact on this
year's earnings is limited, and the favorable order trend in the second half.
(3) Dividend
Dividend plan for fiscal year 2007
remains unchanged: annual 12 yen per share (interim 6 yen and year-end 6 yen).
This press release contains certain forward-looking statements. Such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and
actual results may materially differ from those contained in the
forward-looking statements as a result of various factors.
