Statement re
April 22 2003 - 3:05AM
UK Regulatory
BW20030421002003 20030422T060510Z UTC
( BW)(SUMITOMO-MITSUI-BNKG)(SBK) Statement re
Business Editors
UK REGULATORY NEWS
TOKYO--(BUSINESS WIRE)--April 22, 2003--
Sumitomo Mitsui Financial Group Announces Revision of Fiscal Year 2002
Earnings Estimates For Its Consolidated Subsidiary, Sakura KCS
Corporation
Sumitomo Mitsui Financial Group, Inc. (`SMFG') announced today that
its consolidated subsidiary, Sakura KCS Corporation, has revised its
earnings estimates for the fiscal year 2002 ended March 31, 2003,
which were published on November 22, 2002 (see Appendix).
(Appendix)
Sakura KCS Corporation Announces Revision of Earnings Estimates for
Fiscal Year 2002
Sakura KCS Corporation ("Sakura KCS") announces today a revision of
its earnings estimates for the fiscal year 2002 ended March 31, 2003,
which were originally published on November 22, 2002.
1. Revision of earnings estimates (Fiscal year 2002 ended March 31, 2003)
(Consolidated) (Millions of Yen)
---------------------------------------- ---------------------- --------------------- ----------------------
Sales Operating Profit Net Income
---------------------------------------- ---------------------- --------------------- ----------------------
Previous forecast (A) 25,800 770 300
---------------------------------------- ---------------------- --------------------- ----------------------
Revised forecast (B) 24,948 731 90
---------------------------------------- ---------------------- --------------------- ----------------------
Difference (B)-(A) 852 39 210
---------------------------------------- ---------------------- --------------------- ----------------------
Percent change 3.3% 5.1% 70.0%
---------------------------------------- ---------------------- --------------------- ----------------------
(Ref.) Fiscal year 2001 26,501 887 465
---------------------------------------- ---------------------- --------------------- ----------------------
(Non-Consolidated) (Millions of Yen)
---------------------------------------- ---------------------- --------------------- ----------------------
Sales Operating Profit Net Income
---------------------------------------- ---------------------- --------------------- ----------------------
Previous forecast (A) 25,200 720 280
---------------------------------------- ---------------------- --------------------- ----------------------
Revised forecast (B) 24,322 649 93
---------------------------------------- ---------------------- --------------------- ----------------------
Difference (B)-(A) 878 71 187
---------------------------------------- ---------------------- --------------------- ----------------------
Percent change 3.5% 9.9% 66.8%
---------------------------------------- ---------------------- --------------------- ----------------------
(Ref.) Fiscal year 2001 25,845 834 460
---------------------------------------- ---------------------- --------------------- ----------------------
2. Factors behind the revisions
It is forecasted that there will be a year-on-year decline in revenue
and profit for the fiscal year 2002 ended March 31, 2003, owing to the
expected requests for greater efficiency and curtailment in investment
by major customers. However, as the impact from the curtailment in
investment and the consolidation of banking business within
finance-related fields and from the curtailment in IT investment
caused by economic stagnation within industrial-related fields is
expected to exceed the aforementioned, the sales figure is expected to
fall short of the target by a little more than 3%.
Although cost reductions have contributed, it is expected that the
operating profit will be less than the previous forecast, as a result
of the fall in the gross margin rate through the decline in sales and
the increasingly severe competition. Moreover, from additional losses,
such as the write-down of our held stocks, it is expected that the net
income will be less than the previous forecast.
The dividend will be unchanged from the past level at 10.00 yen per
share.
Short Name: Sumitomo Mitsui Bnkg.
Category Code: STR
Sequence Number: 00004147
Time of Receipt (offset from UTC): 20030418T130817+0100
--30--JGM/ny*
CONTACT: Sumitomo Mitsui Bnkg
KEYWORD: UNITED KINGDOM JAPAN INTERNATIONAL EUROPE ASIA PACIFIC
INDUSTRY KEYWORD: BANKING
SOURCE: Sumitomo Mitsui Bnkg
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