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| Tokyo Tekko, Topy Industries Report Apr-Sep Earnings Results |
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Japan's electric steelmakers Tokyo Tekko Co and Topy Industries Ltd reported their consolidated earnings results for April-September 2008, in which the two companies won an increase in income but suffered a decrease in profits as sales prices of steel products had proved insufficient to offset soared prices of ferrous scrap. But both companies forecast increased earnings for the whole of fiscal 2008 (April 2008-March 2009) because the bottom line is expected to improve for October 2008-March 2009 thanks to plunging ferrous scrap prices. [Tokyo Tekko Co] The company announced its consolidated results of Y38,755 million in sales for April-September 2008, up 19.1% from the same period of 2007; Y1,043 million in operating profit, down 68.2%; Y847 million in pretax profit, down 72.5%; and Y503 million in net profit, down 74.3%. The company devoted its struggle to the expanded marketing of screwed rebars and related products, which brought a successful increase of Y16,000/ton in sales prices. Ferrous scrap prices, though, moved up by Y21,000/ton, leading to a deterioration of profitability. For fiscal 2008, the company estimates its consolidated results at Y75 billion in sales, up 12.9% from a year ago; Y7,500 million in operating profit, up 28.5%; Y7,000 million in pretax profit, up 29.0%; and Y4,000 million in net profit, up 33.9%. [Topy Industries Ltd] The company announced its consolidated results of Y170,865 million in sales for April-September 2008, up 22.8% from the same period of 2007; Y4,903 million in operating profit, down 8.5%; Y4,612 million in pretax profit, down 10.6%; and Y1,996 million in net profit, down 23.1%. As to earnings by two main businesses, steel mill products won Y81,697 million in sales and Y2,440 million in operating profit, while automotive and industry machinery parts secured Y91,425 million in sales and Y5,089 million in operating profit. For fiscal 2008, the company estimates its consolidated results at Y317 billion in sales, up 6.9% from a year ago; Y15.5 billion in operating profit, up 20.3%; Y14.9 billion in pretax profit, up 26.4%; and Y7,800 million in net profit, up 22.5%. |
| last modified : Fri 14 Nov, 2008 [10:07] |
