Japanese steelmaker Kobe Steel Ltd (Kobe) has issued its financial results for the first quarter ended June 30 of the fiscal year 2015-16.
For the given period, Kobe Steel has reported a net profit of JPY 11.88 billion ($96 million), falling 48.2 percent year on year. The company's consolidated net sales revenues in the given quarter amounted to JPY 460 billion ($3.7 billion), up 3.4 percent year on year.
Kobe Steel produced 1.84 million mt of crude steel in the June quarter, up 3.95 percent year on year. Kobe's steel product sales volume in the given period decreased by 2.77 percent to 1.48 million mt, compared to the first quarter of the financial year 2014-15. Although demand from the automotive sector decreased due to inventory adjustments by customer companies, demand from the shipbuilding sector remained firm.