Kobe Steel sees extraordinary loss in Q1 FY 2012-13

Japanese steelmaker Kobe Steel Ltd (Kobe) has issued its financial results for the first quarter ended June 30 of the financial year 2012-13.
 
For the given quarter, Kobe Steel reported a net loss of JPY 32.2 billion ($411.7 million), compared to a net income of JPY 9.8 billion in the previous financial year. The company announced a consolidated extraordinary loss of JPY 14.1 billion ($180.3 million) on the write-down of investment in securities for the first quarter.
 
Net sales revenues in the first quarter of FY 2012-13 were JPY 434.14 billion ($5.55 billion), down 7.9 percent year on year, while sales of its iron and steel segment have almost remained unchanged at JPY 192.2 billion ($2.45 billion).
 
Kobe Steel produced 1.66 million mt of crude steel in the quarter in question, down 5.1 percent year on year. Kobe's steel product sales volume in the given period decreased to 1.43 million mt from 1.44 million mt in the first quarter of the previous financial year.