Japan's electric steelmaker Tokyo Tekko Co Ltd incurred a fall of 7.7% to Y4,318 million as pretax profit in the company's consolidated earnings results for April-December 2008 or the first nine months of fiscal 2008 (April 2008-March 2009). The company struggled to augment sales of its staple products such as screwed rebars, but sales volumes ended in less than expectations. Sales prices of products improved, leading to an enlarged spread from ferrous scrap prices, but increased costs of auxiliary materials and energy sources affected the bottom line.
Tokyo Tekko announced its consolidated results of Y56,228 million in sales for April-December 2008, up 13.2% from the same period of 2007; Y4,646 million in operating profit, down 6.5%; Y4,318 million in pretax profit, down 7.7%; and Y2,438 million in net profit, down 8.4%. The ratio of operating profit to sales stood at 8.3%, down from 10.0% in the corresponding period of 2007.
For the whole of fiscal 2008, the company keeps unchanged its forecasts of consolidated results that assume 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, 33.9%. |
