Apr 26 2007, 11:00 PM EST
News source: Business Wire
Kyowa Hakko Kogyo Co. Ltd. (Kyowa Hakko) (TOKYO:4151) today announced its consolidated financial results for the year ended March 31, 2007 (Fiscal 2006). Consolidated operating income was 30.6 billion Yen, an increase of 20.2% compared to fiscal 2005, and ahead of the company's October 2006 forecast of 29.0 billion Yen. Fiscal 2006 consolidated net sales were 354.2 billion Yen, up 0.2%, while recurring income increased 9.5% to 30.9 billion Yen. Consolidated net income was affected by extraordinary losses, including losses on the sale of subsidiaries' shares and asset impairment losses, and declined by 22.0% to 12.6 billion Yen.
Despite the effects of pharmaceutical price cuts averaging 6.7%, operating income in the Pharmaceuticals segment grew by 10.6%. In the Bio-Chemicals segment higher prices of raw materials and fuels resulted in an increase in operating income of only 0.7%, while in the Chemicals segment, domestic and overseas product markets were generally strong and operating income was up 77.2%.
R&D spending in fiscal 2006 was up 1.4% on fiscal 2005 to 33.3 billion Yen, which represented 9.4% of net sales.
For the fiscal year ending March 31, 2008 (fiscal 2007) Kyowa Hakko forecasts a 7.3% increase in net sales, and a 10.8% increase in operating income, while recurring income and net income are forecast to grow by 10.0% and 96.9% respectively.
Commenting on the results, Dr. Yuzuru Matsuda, President of Kyowa Hakko said, 'We have achieved strong profit growth in fiscal 2006, despite significant price cuts in our core pharmaceutical products and tough competition in our Bio-Chemicals business. In fiscal 2007, we expect to achieve further growth in both sales and profits, driven by strong performances in Pharmaceuticals and Bio-Chemicals. We aim to create sustained growth in shareholder value and will continue to pursue our medium-term plan strategy of investing in growth while implementing broad-ranging cost reductions.'
I. Fiscal 2006 Results
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More NewsResults for the fiscal year ended March 31, 2007
(Billions of Yen)
-----------------------------------------
FY ended FY ended YOY
March 31, 2007 March 31, 2006 Change (%)
--------------------------- -------------- -------------- -----------
Net sales 354.2 353.4 +0.2%
Operating income 30.6 25.5 +20.2%
Recurring income 30.9 28.2 +9.5%
Net income 12.6 16.2 -22.0%
Net income per share (Yen) 31.32 38.68 -19.0%
-----------
Segmental results for the fiscal year ended March 31, 2007
Sales
(Billions of Yen)
-----------------------------------------------
FY ended FY ended YOY
March 31, 2007 March 31, 2006 Change (%)
--------------------- --------------- --------------- ---------------
Pharmaceuticals 131.5 149.5 -12.0%
Bio-Chemicals 67.1 57.4 +16.9%
Chemicals 98.6 85.8 +14.9%
Food 42.5 42.4 +0.4%
Other 48.4 55.3 -12.4%
---------------Operating Income (Billions of Yen)
---------------------------------------------------------------------
FY ended FY ended YOY
March 31, 2007 March 31, 2006 Change (%)
----------------------- --------------- --------
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