Kobe Steel returns to profit in Q1 FY 2017-18

Monday, 31 July 2017 14:48:18 (GMT+3)   |   Istanbul
       

Japanese steelmaker Kobe Steel Ltd has issued its financial results for the first quarter ended June 30 of the fiscal year 2017-18.

For the given period, Kobe Steel has reported a net profit of JPY 25 billion ($226.18 million), compared to a net loss of JPY 2.06 billion in the first quarter of the previous financial year. The company's consolidated net sales revenues in the given quarter amounted to JPY 435 billion ($3.93 billion), up 7.6 percent year on year. 

Kobe Steel produced 1.94 million mt of crude steel in the June quarter, remaining stable year on year. Kobe's steel product sales volume in the given period increased by 5.5 percent to 1.52 million mt, compared to the first quarter of the financial year 2016-17. 

Meanwhile, Kobe Steel has revised its consolidated forecast for the financial year 2017-18 from the previous forecast announced on April 28, primarily due to recent trends in its business performance. The company now forecasts net sales of about JPY 1.88 trillion ($17 billion) and net income of about JPY 35 billion ($316.63 million) in the fiscal year 2017-18. The previous guidance for the full financial year was for net sales of about JPY 1.87 trillion and net income of about JPY 30 billion. 


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