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Interim financial settlement of accounts for fiscal year ending March 31, 2012

We are pleased to report that Taiyo Oil's financial settlement for the 75th fiscal year (April 1, 2011 through March 31, 2012) has been finalized.

Details of the 75th fiscal year interim financial statement

Sales increased to 357,021 million yen (an increase of 129,846 million yen over the same period last year), due to the increase in the retail price in line with the increased price of crude oil, and the increase in sales volume due to the impact of irregular repairs of required this year.

Operating loss of 7,299 million yen was posted due to drastic reductions in gross profit as a result of increased depreciation related to the operation of RFCC (a decreased of 9,969 million yen over the same period last year).

In ordinary profit and loss, a loss of 7,472 million yen was posted (a decrease of 9,868 million yen over the same period last year), despite improvements made to non-operating losses.

Outline of the 75th fiscal year interim financial statement

(unit: JPY 1 million)

  Previous interim term Current interim term Compared with year- earlier period
Gross sales volume 3,241 thousand KL 4,401 thousand KL 1,160 thousand KL
Sales 227,175 357,021 129,846
Operating income 2,670 - 7,299 - 9,969
Ordinary income 2,396 - 7,472 - 9,868
Interim net income 2,906 - 7,151 - 10,057
Reference: Consolidated basis
Consolidated sales 238,199 361,321 123,122
Consolidated ordinary income 2,338 - 7,972 - 10,310
Consolidated interim net income 3,147 - 7,604 - 10,751