Godo Steel Ltd of Osaka incurred a fall of 68.8% to Y1,373 million as pretax profit in the electric steelmaker's consolidated earnings results for April-June 2007 or the first quarter of fiscal 2007 (April 2007-March 2008). Sales prices of products increased by 4,400/ton. But ferrous scrap prices advanced by Y11,900/ton to the detriment of the bottom line.|
For April-June 2007, Godo Steel announced consolidated results of Y34,520 million in sales, up 12.1% from the same 2006 period; Y1,274 million in operating profit, down 68.7%; Y1,373 million in pretax profit, down 68.8%; and Y875 million in net profit, down 70.1%. The ratio of operating profit to sales stood at 3.7%, down from 13.2% in the same 2006 period.
For the first half of fiscal 2007, the company keeps its forecasts unchanged of consolidated results that assume Y69.5 billion in sales, up 12.7% from the first half of fiscal 2006; Y3,600 million in operating profit, down 52.5%; Y3,500 million in pretax profit, down 56.7%; and Y2,000 million in net profit, down 70.7%.