NSSMC posts net profit for Q1 FY 2017-18

Friday, 28 July 2017 16:46:09 (GMT+3)   |   Istanbul
       

The world's second biggest steelmaker Japan-based Nippon Steel & Sumitomo Metal Corp. (NSSMC) has announced its financial results for the first quarter ended June 30 of the financial year 2017-18, posting a net profit of JPY 71.35 billion ($641.89 million), compared to the net loss of JPY 14.64 billion recorded in the first quarter of the previous financial year. In the given period, the company's net sales amounted to JPY 1.35 trillion ($12.19 billion), up 29 percent year on year.

During the April-June period, NSSMC's steelmaking and steel fabrication segment recorded net sales of JPY 1.2 trillion ($10.87 billion), rising by 30.4 percent year on year. 

Meanwhile, in the given period, NSSMC produced 11.44 million mt of crude steel, up 2.5 percent, while the company's steel product shipments amounted to 9.34 million mt, falling 2.7 percent, both year on year. 

According to NSSMC’s statement, it expects strong demand for steel in Japan, led by demand in the automotive sector. Demand from the construction and civil engineering sectors is also likely to gain momentum, partly due to preparations for the 2020 Tokyo Olympics. Overseas steel demand in general is also projected to stay robust.

For the first half of the financial year 2017-18, the company is forecasting a net profit of JPY 85 billion and net sales of JPY 2.7 trillion.