JFE updates forecasts for fiscal year ending this month
Japan's biggest steelmaker JFE Holdings, officially established through the merger of NKK Corp. and Kawasaki Steel Corp., announced its updated earnings forecast for the fiscal year ending on March 31, 2003.
The company explains that as a result of higher earnings coming from strong sales, it revises its forecast. Under these circumstances the expectation of an operating income at Yen 142 billion remains unchanged; however, ordinary income is increased to Yen 97 billion from Yen 94 billion. Due to the changes in tax allocations and calculation of charges during the consolidation process, the net income forecast is revised as Yen 11 billion, which is lower than the previously forecasted Yen 16 billion.
The previously predicted net income figure of Yen 16 billion was also taken down from the previous estimation of Yen 33 billion, due to cost restructuring and securities valuation loss.