PRESS RELEASES > November 15, 2005
November 15, 2005

Taiheiyo Cement Corporation announces the following revisions to its earnings forecasts for fiscal 2006 (April 1, 2005 - March 31, 2006), which were initially announced along with fiscal 2005 results on May 17, 2005, to account for recent trends in the company's performance and other factors.

1. Revised non-consolidated forecasts for fiscal 2006 (April 1, 2005-March 31, 2006)


 Unit Net sales Ordinary income Net income
Previous forecasts (A) ¥ million 293,000 12,000 -1,400
Revised forecasts (B) ¥ million 307,000 17,500 500
Change (B) - (A) ¥ million 14,000 5,500 1,900
Percent change % 4.8 45.8 -
Ref: Fiscal 2005 results ¥ million 291,734 8,890 3,730

2. Revised consolidated forecasts for fiscal 2006 (April 1, 2005-March 31, 2006)


 Unit Net sales Ordinary income Net income
Previous forecasts (A) ¥ million 870,000 41,000 -1,000
Revised forecasts (B) ¥ million 880,000 47,000 5,000
Change (B) - (A) ¥ million 10,000 6,000 6,000
Percent change % 1.1 14.6 -
Ref: Fiscal 2005 results ¥ million 872,686 38,264 14,412
3. Main reasons for revising earnings forecasts

Non-consolidated
Increase in ordinary income and net income
We expect ordinary income to increase as a result of higher sales volume in the domestic cement business, higher sales volume in the mineral resources business, expansion of waste treatment operations, and improvement in net financial expenses due to an increase in dividends received from consolidated subsidiaries. We also expect to achieve net income growth due to the increase in ordinary income.

Consolidated
Increase in ordinary income and net income
We expect to achieve net income growth for the reasons cited above as well as a revision of tax expenses.