Japan's major electric steelmaker Kyoei Steel Ltd has announced upward revisions of its consolidated earnings prospects except sales for April-September 2008 or the first half of fiscal 2008 (April 2008-March 2009). For main factors, the company finds itself in improving sales prices of products, while domestic prices of locally available ferrous scrap as EAF feed are taking a nosedive.
With the sales forecast unchanged at Y115 billion, the revised earnings prospects are Y6,300 million in operating profit, up 90.9% from what was projected earlier; Y7,000 million in pretax profit, up 75.0%; and Y4,100 million in net profit, up 78.3%.
For the latter half of fiscal 2008, the company keeps unchanged its consolidated earnings prospects for fears about a rebound in ferrous scrap prices and a fall in demand for construction at home. Therefore, the company's consolidated earnings for the whole of fiscal 2008 are put at an unchanged Y235 billion in sales; Y17 billion in operating profit, up 21.4% from what was initially forecast; Y18 billion in pretax profit, up 20.0%; and Y10.4 billion in net profit, up 20.9%. |
