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Chiyoda Cuts FY '07 Group Operating Profit Estimate to 22 Billion Yen
 

Tokyo, Nov 9, 2007 (Jiji Press) - Plant engineering company Chiyoda Corp. <6366> said Friday it has slashed its estimated group operating profit for fiscal 2007 to 22 billion yen from 30 billion yen due to increasing labor costs.

The company also revised down its estimates for recurring profit for the year to March 2008, to 32 billion yen from 38.5 billion yen, and net profit, to 19.5 billion yen from 23.5 billion yen.

The downward revisions reflect worsening profitability in a liquefied natural gas plant project in Qatar because the tight supply of experienced workers is pushing up labor costs, company officials said.

Chiyoda, however, lifted its sales estimate to 570 billion yen from 550 billion yen thanks mainly to brisk orders for plants overseas.

Total order receipts for the year are estimated at 250 billion yen. The company changed its assumed exchange rate to 110 yen to the dollar from 115 yen.

For the April-September first half, the company posted sales of 312,547 million yen, up 48.1 pct from a year before, an operating profit of 11,420 million yen, down 15.4 pct, and a net profit of 10,641 million yen, down 4.8 pct.

By Jiji Press, (c) Jiji Press

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