Kobe Steel announces fiscal 2003 forecasts

Kobe Steel announces fiscal 2003 forecasts

Kobe Steel Ltd, has announced its earnings forecast for fiscal 2003, ending in March 2004. For H1 of fiscal 2003, ending on September 30, 2003, Kobe Steel forecasts consolidated net sales of Yen 590 billion ($5.041 billion), which indicates Yen 10 billion up from the forecast of previous fiscal. Pretax ordinary income with an increase by Yen 2 billion from the previous fiscal, is forecasted to reach Yen 14 billion ($119.6 million), while after tax income with an increase by Yen 4 billion is expected to reach Yen 7 billion ($59.8 million). Kobe Steel expects high sales and shipments of steel products, due to strong overseas demand as well as local producers' demand. Moreover, increasing demand in construction sector especially in China, is expected to have a positive effect on the sales of Kobe Steel. In the framework of these developments, Kobe Steel forecasts full-year sales to reach up to Yen 1.2 trillion ($10.2 billion), with an increase of Yen 10 billion from the previous fiscal. Pretax income is expected to remain intact with Yen 43 billion ($367 million) of the previous fiscal, while net income is expected to reach up to Yen 20 billion ($170 million) with an increase by Yen 6 billion from the previous fiscal, due to an increase in extraordinary income.