Japanese electric steelmaker Tokyo Tekko Co Ltd incurred a fall of 48.8% to Y1,468 million as pretax profit in the company's consolidated earnings results for April-June 2007 or the first quarter of fiscal 2007 (April 2007-March 2008). The company found it difficult to meet an advance in ferrous scrap prices with increased sales prices of steel products, while sales volumes of them decreased.|
For April-June 2007, Tokyo Tekko announced consolidated results of Y16,448 million in sales, down 2.2% from the same 2006 period; Y1,553 million in operating profit, down 48.8%; Y1,468 million in pretax profit, down 48.8%; and Y813 million in net profit, down 51.2%. The net profit per share was Y18.48, down from Y37.89 in the same 2006 period. The ratio of operating profit to sales stood at 9.4%, down from 18.00%.
For the first half of fiscal 2007, the company keeps unchanged its forecasts of consolidated results that assume Y32.5 billion in sales, up 1.4% from the first half of fiscal 2006; Y2,600 million in operating profit, down 51.4%; Y2,400 million in pretax profit, down 52.1%; and Y1,250 million in net profit, down 54.2%.