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April 5, 2002
Osaka Gas Co., Ltd.
Kinrei, a consolidated subsidiary of Osaka Gas engaged in foods and restaurant business, announced today its revised revenue forecast for FY 2002 ending on March 31, 2002. The company forecasts a 0.3% or \90 million drop in operating revenue, and a 50% or \400 million decline in net profit.
The announcement came after Kinreiﾕs decision to sell the stocks of its wholly owned subsidiary OG Royal to Royal Corporation. After the sale of 61,000 shares, Kinreiﾕs shareholding of OG Royal will be reduced to 19.5%. In this process, Kinrei will bear the total of \458 million for adjustment of corporate tax and deferred payment of other taxes in the accounts of the company for FY2002.