News Release

Air Water announces first quarter results for FY2006

Aug 09, 2006

  • Earnings and profits rise
  • Net sales up 17.3%, ordinary income up 11.1%, net income up 34.0% y-o-y
  • Strong growth in core industrial and chemical businesses

Osaka, August 9, 2006 – Air Water Inc. (AWI) today announced its financial results for the first quarter of fiscal 2006. The Company reported a consolidated operating income of ¥4,914 million, 9.7% up over the same period last year, and ordinary income of ¥5,445 million, 11.1% up, on net sales of ¥97,665 million, 17.3% up. Net income for the first quarter was ¥2,974 million, a year-on-year increase of 34.0%. These results reflect strong growth in the Company’s Industrial Business and Chemical Business groups on the back of brisk production and active capital spending throughout Japan’s domestic manufacturing industry.

The Industrial Business group continued to be the primary driving force behind the Company’s financial results as it maintained high levels of industrial gas supplies to the steel industry and other major users.

The Chemical Business group enjoyed brisk sales in the basic chemicals sector as a result of tight demand-supply conditions and of high oil prices and sales of electronic materials, pharmaceutical intermediates and other fine chemical products also grew smoothly. Effective April 1, 2006, the Company brought the three companies which had constituted the Chemical Business group into the main AWI structure with a view to promoting the group into the position of number-two core unit behind the Industrial Business group and thereby strengthen AWI’s operating base.

The Company’s Medical Business and Energy Business groups reported firm sales.

As part of the reorganization of its Consumer Products business the Company has reached agreement with Matsushita Electric Works, Ltd. to work together in the field of domestic fittings, as announced on May 17, 2006.

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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