July 27, 2011 Company name: West Japan Railway Company President: Takayuki Sasaki Code number: 9021 For further information, please contact: Yoshinori Tsujiko, General Manager, Corporate Communications Department Telephone: +81-6-6375-8889Notice of Revision to Forecasts
West Japan Railway Company, in view of recent earning trends, announced the revision of its forecasts released on April 27, 2011.
Revision to Forecasts
(1) Consolidated Forecasts for the Six Months Ending September 30, 2011
Operating revenues
Operating income
Recurring profit
Net income
Net income per share
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Yen
Previous Forecast (A)
605,000
31,000
16,000
9,000
46.48
Revised Forecast (B)
621,000
45,000
30,000
17,000
87.79
Change (B-A)
16,000
14,000
14,000
8,000
Percent Change (%)
2.6
45.2
87.5
88.9
(Reference) Six months ended
September 30, 2010
595,631
64,694
49,675
28,762
148.54
(2) Consolidated Forecasts for the Year Ending March 31, 2012
Operating revenues
Operating income
Recurring profit
Net income
Net income per share
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Yen
Previous Forecast (A)
1,260,000
68,500
42,000
25,000
129.10
Revised Forecast (B)
1,272,000
78,000
51,500
30,500
157.51
Change (B-A)
12,000
9,500
9,500
5,500
Percent Change (%)
1.0
13.9
22.6
22.0
(Reference) Year ended
March 31, 2011
1,213,506
95,988
68,959
34,983
180.66
(3) Non-Consolidated Forecasts for the Six Months Ending September 30, 2011
Operating revenues
Operating income
Recurring profit
Net income
Net income per share
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Yen
Previous Forecast (A)
401,000
31,000
16,000
9,000
46.46
Revised Forecast (B)
417,000
45,000
30,000
17,000
87.75
Change (B-A)
16,000
14,000
14,000
8,000
Percent Change (%)
4.0
45.2
87.5
88.9
(Reference) Six months ended
September 30, 2010
414,324
57,002
41,803
24,649
127.23
1
(4) Non-Consolidated Forecasts for the Year Ending March 31, 2012
Operating revenues
Operating income
Recurring profit
Net income
Net income per share
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Yen
Previous Forecast (A)
823,500
54,000
27,000
16,000
82.59
Revised Forecast (B)
835,500
63,500
36,500
21,500
110.98
Change (B-A)
12,000
9,500
9,500
5,500
Percent Change (%)
1.5
17.6
35.2
34.4
(Reference) Year ended
March 31, 2011
828,651
75,821
48,523
28,530
147.27
Reasons for the Revision
We had expected the business environment for the JR-West Group to remain difficult for longer as a result of the Great East Japan Earthquake that occurred in March 2011. However, because revenue from railway operations, centered on the Shinkansen, has continued to exceed initial forecasts, we are revising our interim and full-year forecasts for operating revenues, operating income, recurring profit and net income for the subject fiscal year on both a consolidated and non-consolidated basis.
Forecasts are based on information available as of the date of this document. Actual results may vary from forecasts due to a variety of factors.
West Japan Railway Company specializes in railway transportation. Net sales break down by activity as follows:
- railway transportation (53.1%). The group is also providing transportation by bus and ferry services;
- real estate management (16.2%): management of shopping malls and residential buildings near railway stations;
- retail distribution (15.8%). West Japan Railway Company is providing catering services in railway stations;
- railway construction (5.8%). The group also develops condominium and public infrastructure construction activities;
- other (9%): trip organizations, railway installations maintenance and repair services, etc.
WEST JAPAN RAILWAY COMPANY 
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