Consolidated Statements of Income Chiyoda Corporation and Consolidated Subsidiaries Years Ended March 31, 2003 and 2002 29 See notes to consolidated financial statements. CONSTRUCTION CONTRACTS  (Notes 3 and 4) .............................................................. ¥ 166,367 ¥ 141,387 $ 1,386,392 COST OF CONSTRUCTION CONTRACTS  (Notes 3 and 4)............................................... 155,924 136,762 1,299,367 Gross profit......................................................................................................... 10,443 4,625 87,025 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES  (Notes 3 and 13) .................... 8,895 9,827 74,125 Operating income (loss) ...................................................................................... 1,548 (5,202) 12,900 OTHER INCOME (EXPENSES): Interest and dividend income (Note 3).......................................................................... 360 662 3,000 Interest expense........................................................................................................... (529) (844) (4,408) Provision for contingent loss ........................................................................................ (800) (6,667) Reversal of (provision for) allowance for doubtful accounts .......................................... 1,167 (580) 9,725 Provision for investment loss ........................................................................................ (264) (2,200) Gain on discharge of liabilities (Note 11) ...................................................................... 2,871 Equity in earnings of associated companies .................................................................. 1,000 526 8,333 Foreign exchange gain (loss) ........................................................................................ (178) 871 (1,483) Gain on sales of investments in subsidiaries.................................................................. 315 1,385 2,625 Loss on devaluation of golf club membership............................................................... (294) (3) (2,450) Gain on sale of intellectual property right..................................................................... 800 Reversal of liability for retirement benefits to directors ................................................. 384 Reversal of additional retirement benefits to employees ............................................... 964 Other — net ................................................................................................................ 184 27 1,533 Other income — net ........................................................................................... 961 7,063 8,008 INCOME BEFORE INCOME TAXES AND MINORITY INTERESTS ......................................... 2,509 1,861 20,908 INCOME TAXES (Note 12) : Current........................................................................................................................ 951 1,786 7,925 Deferred ...................................................................................................................... (147) (88) (1,225) Refund of foreign income taxes ................................................................................... (317) (2,642) Total ................................................................................................................... 487 1,698 4,058 MINORITY INTERESTS IN NET INCOME ........................................................................ 22 42 183 NET INCOME .................................................................................................................. ¥ 2,000 ¥ 121 $ 16,667 PER SHARE OF COMMON STOCK  (Note 17) : Basic net income.......................................................................................................... ¥ 10.79 ¥ 0.65 $ 0.09 Diluted net income ...................................................................................................... 10.77 0.09 Millions of Yen 2003 2002 Thousands of U.S. Dollars (Note 1) 2003 Yen U.S. Dollars