Japanese steelmaker Kobe Steel Ltd has issued its financial results for the first quarter ended June 30 of the fiscal year 2018-19.
For the given period, Kobe Steel has reported a net profit of JPY 12.65 billion ($113.54 million), compared to a net profit of JPY 25 billion in the first quarter of the previous financial year. The company's consolidated net sales revenues in the given quarter amounted to JPY 478.3 billion ($4.29 billion), up 10 percent year on year.
Kobe Steel produced 1.72 million mt of crude steel in the June quarter, down 11 percent year on year. Kobe's steel product sales volume in the given period decreased by 8.5 percent to 1.39 million mt compared to the first quarter of the financial year 2017-18.
Meanwhile, for the financial year 2018-19 the company forecasts net sales of about JPY 1 trillion ($8.96 billion) and net income of about JPY 82.81 billion ($742.75 million). The previous guidance for the full financial year, announced on April 27 this year, was for net sales of about JPY 960 billion and net income of about JPY 69.01 billion.