News Release

Air Water announces end of third quarter results for FY2005

Feb 09, 2006

  • Earnings and profits up
  • Net sales up 14.8%, ordinary income up 23.0%, net income up 30.5% y-o-y
  • Core industrial gas and chemicals businesses drive profits

Osaka, February 9, 2005-Air Water Inc. (AWI) today announced its financial results to the end of the third quarter of fiscal 2005.
The Company posted a consolidated operating income of ¥13,718 million, 8.2% up over the same period last year, and ordinary income of ¥14,973 million, 23.0% up, on net sales of ¥268,239 million, 14.8% up. Net income at the end of the third quarter was ¥6,632 million, a year-on-year increase of 30.5%. These results were driven by robust performances by the Industrial Business and Chemical Business groups on the back of burgeoning production throughout the domestic manufacturing industry and by strong growth in capital investment.

In the Industrial Business group, growth in industrial gas supplies to the steel industry and other major users maintained its brisk note and the group remains the primary powerhouse in the Company’s financial results. In the Chemical Business group, the fine chemicals business expanded smoothly in the electronic, agricultural and pharmaceutical materials while the basic chemicals business also fared favorably. The Medical Business and the Energy Business groups continued to report good sales. In the Consumer Products group, the housing products business continued to operate under difficult conditions.

The Company’s supplies of industrial gases to major customers continue on a high level and the Company expects to be able to absorb, through rationalization and progress in the revision of industrial gas prices, the rises in manufacturing and logistics costs resulting from the sharp rises in oil prices that have been cause for concern. The Company also expects the strong performance of its basic chemicals business to improve earnings and profits at its equity method subsidiaries. For these reasons the Company makes the following full-year forecasts: Net income of ¥9 billion and ordinary income of ¥21 billion on net sales of ¥370 billion.

* Note on forward-looking statements
The forecasts above are based on currently available information. A number of significant factors could therefore cause actual results to differ from those contained in any forward-looking statement.

CONTACT: S. Kishi and J. Ishino
Public Relations, Air Water Inc.
20-16, Higashi Shinsaibashi 1-chome,
Chuo-ku, Osaka 542-0083
TEL: 06-6252-5411 / FAX: 06-6252-3965

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