Kobe Steel revises earnings forecast for FY 2011-12
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Japanese steelmaker Kobe Steel has announced that it has revised its earnings forecast for the financial year 2011-12 ended on March 31.
Kobe Steel, which incurred an extraordinary loss on the write-down of investments in securities in the third quarter (October-December 2011), stated that the company saw a reversal on the write-down of investments in securities, thanks to a recovery in stock prices of investment securities.
However, since the company sees no likelihood of recoverability of deferred tax assets, Kobe Steel anticipates a net loss of JPY 20 billion ($243.01 million) in FY2011-12 compared to the previous forecast of a net loss of JPY 10 billion.
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