Japan's largest electric steelmaker Tokyo Steel Mfg Co has announced upward revisions of its nonconsolidated earnings prospects for April-September 2008 or the first half of fiscal 2008 (April 2008-March 2009). Behind the revisions are improved earnings thanks to an upswing in sales, with a nosedive of ferrous scrap prices since the end of July. The revisions in value are Y7,500 million as operating profit and pretax profit each, and Y4,500 million as net profit.
As a result, the revised earnings prospects are Y168 billion in sales, up 1.2% from what was projected earlier; Y16 billion in operating profit, up 88.2%; Y17.5 billion in pretax profit, up 75.0%; and Y10 billion in net profit, up 81.8%.
For the latter half of fiscal 2008, the company keeps unchanged its nonconsolidated earnings prospects so far. Accordingly, the company estimates its nonconsolidated earnings for the whole of fiscal 2008 at Y329 billion in sales, up 0.6% from what was initially forecast; Y27.5 billion in operating profit, up 37.5%; Y29.5 billion in pretax profit, up 34.1%; and Y17 billion in net profit, up 36.0%. |
