October 31, 2005
Company Name
President & CEO
Stock Code
Listed Exchanges
Inquiries
Telephone

Chiyoda Corporation
Nobuo Seki
6366Tokyo
Shinji Kusunoki,
General Manager, Accounting Dpt.
+81-45-506-9410

Chiyoda Announces Revisions to Forecasts for Operating Results and Dividend
Chiyoda Corporation (Other OTC: CHYCF), Japan’s leading engineering and construction firm,
today announced the following revisions to its forecasts for operating results and dividends for thefiscal year ending March 31, 2006 that were released on May 18, 2005 with its previous fiscalyear earning announcement.
1. Revisions to first half non-consolidated forecasts (six months ended September 30, 2005)
Million yen
Net Sales
Ordinary Profit
Net Profit
Previous forecast (A)130,000
5,500
6,000
Revised forecast (B)140,000
8,900
9,600
Increase (B – A)
10,0003,400
3,600
Percentage change
7.7 %
61.8 %
60.0 %(Reference) Results in previous FY first half
97,036
3,778
4,684
2. Revisions to first half consolidated forecasts (six months ended September 30, 2005)
Million yen
Net Sales
Ordinary Profit
Net Profit
Previous forecast (A)150,000
6,000
6,500
Revised forecast (B)165,000
9,000
10,600
Increase (B – A)
15,0003,000
4,100
Percentage change
10.0 %
50.0 %
63.1 %(Reference) Results in previous FY first half
116,371
5,153
5,095
3. Revisions to fiscal year non-consolidated forecasts (year ending March 31, 2006)
Million yen
Net Sales
Ordinary Profit
Net Profit
Previous forecast (A)270,000
12,50013,500
Revised forecast (B)310,000
19,00016,500
Increase (B – A)
40,0006,500
3,000
Percentage change
14.8 %
52.0 %
22.2 %(Reference) Results in previous FY
223,809
9,194
11,877
Note: Earnings per share forecast is 86.11 yen.

4. Revisions to fiscal year consolidated forecasts (year ending March 31, 2006)
Net Sales
Previous forecast (A)310,000
Revised forecast (B)360,000
Increase (B – A)
50,000Percentage change
16.1 %(Reference) Results in previous FY
267,655
Note: Earnings per share forecast is 91.33 yen.

Ordinary Profit
14,00020,0006,000
42.9 %
11,587

Million yen
Net Profit
14,50017,5003,000
20.7 %
12,863

5. Revisions in dividend forecast for year ending March 31, 2006

Previous forecast
Revised forecast
Dividends in previous FY

Interim dividend–––Year-end dividend
8106YenAnnual dividend
8106

6. Revisions to fiscal year new contracts (year ending March 31, 2006)
Million yenConsolidated
Non-consolidated
Previous forecast (A)350,000
310,000
Revised forecast (B)
600,000
550,000
Increase (B – A)
250,000
240,000
Percentage change
71.4 %
77.4 %(Reference) New contracts in previous FY
411,292368,290
7. Reasons for revisions
Revisions to first half forecasts
The sales forecast has been increased because the actual first half exchange rate was 113.19
yen to the U.S. dollar compared to the initial exchange rate assumption of 100 yen. The higher
earnings forecasts mainly reflect an improvement in gross profit margins at projects completed
during the first half and higher interest income due to growth in joint venture assets.
Revisions to fiscal year forecasts
The sales forecast has been increased because the favorable volume of new contracts in Japanand overseas will contribute to sales during the second half. The higher earnings forecasts mainlyreflect the increase on the sales forecast, an improvement in the gross profit margin at projects
completed during the fiscal year, and higher interest income due to growth in joint venture assets.
Due to recent decline in the yen’s value relative to the U.S. dollar, Chiyoda has changed its
projected exchange rate for the fiscal year from 100 yen to 110 yen to the U.S. dollar.
Revisions to dividend
The forecast for the year-end dividend has been raised from 8 yen to 10 yen per share becauseof the increases in the non-consolidated sales and earnings forecasts.
Revisions to new contracts
During the first half of the current fiscal year, Chiyoda simultaneously received contracts for theexpansion of LNG plant trains 6 and 7 for Ras Laffan Liquefied Natural Gas Co., Ltd. (3) in Qatar.
As a result, first half new contracts exceeded the initial forecast. In addition, Chiyoda expects thatthe volume of new contracts will remain strong overseas and in Japan during the second half ofthe fiscal year. Consequently, the fiscal year forecast for consolidated new contracts has been
increased to 600,000 million yen and the non-consolidated forecast has been increased to550,000 million yen.
8. Precautions concerning forward-looking statements
Forecasts for operating results contained in this release are based on a number of assumptions
concerning the future. Actual results may differ significantly from these forecasts for a variety ofreasons.
Consequently, investors are cautioned to refrain from making decisions based solely on theseforecasts.