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| Aichi Steel To Incur Y900M Net Loss In FY 2008 |
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Japan's electric steelmaker Aichi Steel Corp announced Feb 3 that the company will incur a net loss of Y900 million in its consolidated earnings results for fiscal 2008 (April 2008-March 2009). For the main reason, the company cited a considerable fall of demand for its specialty steel products since the autumn of last year. The company announced its consolidated earnings prospects of Y224 billion in sales for fiscal 2008, up Y38 billion from the initial forecast; a break-even level in operating profit, compared with an operating profit of Y10,884 million in fiscal 2007; Y1,500 million in pretax loss, compared with a pretax profit of Y9,332 million then; and Y900 million in net loss, compared with a net profit of 5,692 million then. At the same time, the company reported its consolidated earnings results of Y191,573 million in sales for April-December 2008, up 2.5% from the same period of 2007; Y6,676 million in operating profit, down 28.0%; Y5,554 million in pretax profit, down 29.2%; and Y3,568 million in net profit, down 29.4%. The pretax profit decreased by Y2,300 million from the same period of 2007. Improved sales prices worth Y15.7 billion and cost reductions worth Y2,000 million served as positive factors in the pretax profit. But negative factors also arose in terms of Y14.7 billion for increased raw materials costs, Y2,700 million for decreased sales volumes and a changed product mix, and Y1,200 million for increased labor expenses. |
| last modified : Mon 09 Feb, 2009 [10:15] |
