Tokyo Steel sees higher net profit in Q2 FY 2021-22, raises full-year forecast

Tuesday, 26 October 2021 16:12:42 (GMT+3)   |   Istanbul

Japan-based Tokyo Steel has announced its financial results for the second quarter ending September 30 of the fiscal year 2021-22.

The company has reported a net profit of JPY 10.42 billion ($91.47 million) for the given quarter, compared to JPY 3.32 billion in the same quarter last year. Tokyo Steel’s sales revenues amounted to JPY 116.11 billion ($1.01 billion) in the second quarter, increasing by 72.4 percent year on year. In the same period, the company reported an operating profit of JPY 11.01 billion ($96.61 million), compared to an operating profit of JPY 3.26 billion recorded in the second quarter last year.

Tokyo Steel has raised its full-year forecast. The company expects its net profit to amount to JPY 28 billion for the financial year 2021-22, compared to JPY 19 billion in the previous forecast. Tokyo Steel anticipates sales revenues of JPY 274 billion and an operating profit of JPY 31 billion for the given financial year, compared to JPY 244 billion and JPY 22 billion in the previous forecast, respectively.

Meanwhile, the company has announced that it will restart the Atsunobi plant of the Okayama Plant to enable the production of HRC and HDG within the plant. Currently, HRC is supplied by the Tahara plant. The amount of capital investment for the restart is expected to be approximately JPY 7.5 billion ($65.80 million). The Atsunobi plant, which had been suspended since April 2015, is scheduled to start operation in stages from the end of 2022 to the beginning of 2023.

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