Kobe Steel's consolidated sales lower than expected in H1 FY 2012-13

Japanese steelmaker Kobe Steel Ltd (Kobe) has issued its financial results for the first half ended September 30 of the financial year 2012-13.
 
For the given period, Kobe Steel reported a net loss of JPY 38.2 billion ($480.4 million), compared to a net income of JPY 17.35 billion in the corresponding period of the previous financial year. The company's consolidated net sales revenues for the first half of FY 2012-13 were JPY 858.5 billion ($10.8 billion), down 10.6 percent year on year, while sales of its iron and steel segment declined by 8.7 percent to JPY 383.6 billion ($4.82 billion).
 
Kobe Steel produced 3.52 million mt of crude steel in the period in question, down three percent year on year. Kobe's steel product sales volume in the given period decreased by 3.02 percent to 2.89 million mt, compared to the same period of the financial year 2011-12.
 
According to Kobe Steel's statement, the consolidated sales in the first half of the fiscal year 2012-13 decreased more than anticipated due to lower sales volumes of steel and aluminum rolled products. As a result, Kobe Steel anticipates that sales and profits for the financial year 2012-2013 will decrease compared to the previous financial year, though remaining unchanged from the previous forecast announced in September.