JFE reports increase in profits

JFE reports increase in profits

Japan's second largest steelmaker, JFE Holdings Inc., reported strong results for the six months ended September 30 despite the turmoil in global steel markets. High demand from the domestic automotive and shipbuilding industries helped the company weather a decline in export production and soaring raw materials prices. Improvement in both domestic and export sales prices enabled the company to increase its net sales to Yen 1.34 trillion ($11.37 billion) and profit to Yen 272.3 billion ($2.31 billion). The consolidated net sales of the company including other operations increased 17.5 percent to Yen 1.45 trillion ($12.31 billion). Operating income increased 42 percent to Yen 264.29 billion ($2.24 billion) and net income increased 398.5 percent to Yen 170.27 billion ($1.45 billion). The company raised its annual profit forecast by 7 percent to Yen 310 billion ($2.63 billion).