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Interim financial settlement of accounts for fiscal year ending March 31, 2016

We are pleased to report that Taiyo Oil's interim financial settlement for the 79th fiscal year (April 1, 2015, through March 31, 2016) has been finalized.

Summary of the 79th fiscal year interim financial statement

The current period saw a high level of sustained operation without regular repairs. This resulted in increased sales volume (4.35 million KL, an increase of 1.22 million KL over the same period last year), and sales of 329.9 billion yen (an increase of 24.7 billion yen over the same period last year).
Operating income was 9.7 billion yen (an increase of 11.1 billion yen over the same period last year), and ordinary income was 9.8 billion yen (an increase of 11.9 billion yen over the same period last year). This was due to the petrochemicals market moving in a favorable direction, in spite of losses from inventory revaluation caused by the decline in the price of crude oil, as well as by increased sales volume and a recovery in the margins for petrochemical products. As a result, income and profit increased, with current net earnings of 6.5 billion yen (an increase of 8.6 billion yen over the same period last year).

Profit and Loss

(unit: JPY 100 million)

  Previous interim term Current interim term year-on-year
Sales 3,052 3,299 +247
Operating income -14 97 +111
Ordinary income
(Ordinary income excluding stock-related factors)
-21
( -17 )
98
( 150 )
+119
( +167 )
Net income -21 65 +86
(On a consolidated basis)
Consolidated sales volume 3,082 3,332 +250
Consolidated ordinary income -29 96 +125
Consolidated net income -30 63 +93