Nippon Coke’s profit rockets in Q1 FY 2010-11 amid robust coke demand

Thursday, 19 August 2010 15:27:38 (GMT+2)

Japanese coke producer Nippon Coke & Engineering Company, Limited has issued its financial results for the first quarter of fiscal year 2010-11 (FY 2010-11), ended on June 30.
 
According to the financial results, in comparison to the same period of the previous fiscal year, net income in the first quarter of fiscal year 2010-11 improved by 875.9 percent from Yen 518 million to Yen 5.06 billion ($59.13 million). Sales revenues in the first quarter of FY 2010-11 increased by 29.1 percent year on year from Yen 23.59 billion to Yen 30.44 billion ($3.55 billion).

In FY 2010-11, the company expects to increase its sales revenues and net income by 39.6 percent and 29.3 percent respectively on year-on-year basis.

The company said that, under hard economic circumstances in the Japanese economy during the first quarter, Nippon Coke & Engineering Company witnessed firm growth in the crude steel production of its mainstay blast furnace manufacturing customers and robust demand for coke.

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