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Interim financial settlement of accounts for fiscal year ending March 31, 2017

We are pleased to report that Taiyo Oil's interim financial settlement for the 80th fiscal year (April 1, 2016, through March 31, 2017) has been finalized.

Summary of the 80th fiscal year interim financial statement

In the current term, there was a decline in sales volume owing to diminished production (3.82 million KL: 540,000 KL less than for the same period last year) because of mid-scale  servicing work at the Shikoku Operations and scheduled repairs at the Yamaguchi Operations. On top of this was a fall in sales prices as a result of crude oil price stagnation, making for sales of 233.2 billion yen (96.7 billion yen less than for the same period last year).
In terms of profits, shrinking margins for petrochemical products such as styrene monomers as well as a decline in sales volume made for an operating income of 5.1 billion yen (4.6 billion yen less than for the same period last year) and ordinary income of 4.8 billion yen (5 billion yen less than for the same period last year). As a result, current net income was 3.8 billion yen (2.7 billion yen less than for the same period last year): a decrease in both sales and profits.

Profit and Loss

(unit: JPY 100 million)

  Previous interim term Current interim term year-on-year
Sales 3,299 2,332 -967
Operating income 97 51 -46
Ordinary income
(Ordinary income excluding stock-related factors)
98
( 150 )
48
( -1 )
-50
( -151 )
Net income 65 38 -27
(On a consolidated basis)
Consolidated sales volume 3,332 2,365 -967
Consolidated ordinary income 96 42 -54
Consolidated net income 63 31 -32