Given recent business performance, Taiyo Nippon Sanso (TNSC) has reviewed its business performance forecasts.
The predictions which were originally issued on 14th May 2010, have appreciated, seeing forecast net sales increase by ¥7m. Similarly, operating income rose from ¥15,000m to ¥18,000m, while net income earnings per share (EPS) also increased from ¥20.01 to ¥25.51.
TNSC attributed the amended forecast to a recovery in demand. The firm issued a statement, stating, “We have revised upward our previous forecasts of business performance for the first half of Fiscal Year 2011 in light of a recovery in demand from our customer industries in Japan, as a result of which the Company’s business performance on a non-consolidated basis has been better than expected.”
“The Company’s consolidated subsidiaries have also been posting a solid performance. As a result, we now expect net sales, operating income, recurring income, and net income to exceed the previous forecasts.”
Despite the alteration, TNSC has not changed its previous full term forecast for fiscal year 2011. The company explained, “The decision is based on the fact that the Company’s US subsidiaries have been posting business results below our initial forecasts owing to the dull trend of the United States economy, as yet, to realise a fully fledged recovery, as well as the uncertainty of demand trends among the Company’s principal user industries in Japan.”