Japanese steelmaker Kobe Steel Group has issued its financial results for the first quarter of fiscal year FY 2010-11 or the second quarter of 2010 ended on June 30, stating that the company's sales volumes and profit increased year on year.
According to the financial results, in comparison to the second quarter of 2009, net income in the second quarter of 2010 increased from a Yen 33.3 billion net loss to a Yen 20 billion net income ($231.5 million).
The operating income of the company was Yen 46.5 billion ($538.3 million) in the period in question, compared with an operating loss of Yen 13.5 billion in the same period of 2009.
Sales revenues in the second quarter of 2010 increased by 21 percent year on year from Yen 377.8 billion to Yen 457.4 billion ($5.3 billion).
Japan's economy in the first quarter of the fiscal year 2010-11 (April-June period) continued on the recovery trend that began in the fiscal year 2009-10 as economic measures took effect and overseas economies improved, the company said.
Kobe Steel Group's iron & steel business and aluminum & copper business achieved higher sales volumes in comparison to the same period last year due to strong demand from domestic manufacturing industries and emerging countries, particularly in China, Kobe pointed out.