KITZ Corporation Provides Consolidated Earnings Guidance for the Fiscal First Half of 2020 and for the Nine Months Ending December 31, 2020
August 11, 2020 at 02:00 am EDT
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KITZ Corporation provided consolidated earnings guidance for the fiscal first half 2020 and for the nine months ending December 31, 2020. For the first half ending September 2020, the company expects net sales to be JPY 55,300 million. Operating income to be JPY 2,400 million. Net income attributable to owners of parent to be JPY 1,300 million. Basic earnings per share to be JPY 14.31.
For the nine months ending March 2021, the company expects net sales to be JPY 81,500 million. Operating income to be JPY 3,200 million. Net income attributable to owners of parent to be JPY 1,700 million. Basic earnings per share to be JPY 18.71. At the 106th Annual General Meeting of Shareholders on June 29, 2020, the company decided to change the fiscal year ending March 31 to December 31 from fiscal year 2021, based on the approval of the Partial Change in the Articles of Incorporation. Similar changes have been made
for consolidated subsidiaries whose fiscal year ended in March. Therefore, the Company announces the forecast of consolidated financial results for the fiscal year ending December 2020, which is the transitional period for the change in fiscal year-end, for the nine months from April 1, 2020 to December 31, 2020. Profit during January 1, 2020 and March 31, 2020 of consolidated subsidiaries whose fiscal year end in December is adjusted at consolidated retained earnings.
KITZ CORPORATION is mainly engaged in the manufacture and sale of valves and copper products. The Company operates in two business segments. The Valves segment provides bronze valves, steel valves, valve-related products, as well as filtration-related products. The Rolled Copper segment provides rolled copper products and copper processed products. The others businesses include the operation of hotels, restaurants and others.