Japanese steelmaker Kobe Steel Ltd has issued its financial results for the first quarter ended June 30 of the financial year 2023-24.
For the given period, Kobe Steel has reported a net profit of JPY 26.26 billion ($183.73 million), increasing from the net profit of JPY 21.55 billion recorded in the same quarter of the previous financial year. The company’s consolidated net sales revenues for the first quarter of the financial year amounted to JPY 598.68 billion ($4.18 billion), rising by 10.2 percent year on year due to an increase in sales prices.
Kobe Steel produced 1.57 million mt of crude steel in the period in question, down by 1.2 percent year on year. Kobe’s steel product sales volume in the given period fell by 5.5 percent to 1.19 million despite an increase in automobile production.
In the financial year 2023-24, Kobe Steel’s crude steel production is expected to be about 6.10 million mt. The company’s sales volume is expected to amount to about 4.90 million mt in the given year. Meanwhile, the company anticipates a consolidated net sales revenues of JPY 2.59 trillion in the given financial year, compared to a previous forecast of JPY 2.68 trillion, due to a decline in sales volumes.