| The TEX Report Topics < Scrap & Pig Iron > | |
| HOME >> Topics List >> July, 2009 >> 23 (Thu) |
| Tokyo Steel's Apr-Jun Pretax Profit Up 714% To Y4.3B |
|
Tokyo Steel Mfg Co saw the pretax profit grow by a factor of 8.2 or 714.4% to a level of Y4.3 billion in its nonconsolidated earnings results for April-June 2009 or the first quarter of fiscal 2009 (April 2009-March 2010). For an upside, sales prices of steel products went beyond assumed levels. The company announced its Q1'09 nonconsolidated results of Y26,542 million in sales, down 61.9% from Q1'08; Y4,141 million in operating profit, compared with an operating loss of Y477 million then; Y4,315 million in pretax profit, up 714.4%; and Y2,275 million in net profit, up 591.9%. The ratio of pretax profit to sales rose to 16.3%. The company posted an extraordinary loss of Y636 million for an EAF accident at its Okayama works, but enlarged the net profit by a factor of 7. Sales volumes of steel products totaled 390,000 tons in Q1'09, down 342,000 tons or 46.7% from Q1'08. There were no exports in Q1'09, compared with total exports of 57,000 tons in Q1'08. Sales prices of steel products averaged Y67,800/ton in Q1'09, down Y27,200 from Q1'08. Purchase prices of ferrous scrap stood at a level of Y22,000-23,000/ton on average in Q1'09, down Y37,000-38,000 from Q1'08. Depreciation expenses totaled Y2,200 million in Q1'09, down Y100 million from Q1'08, when capital spending amounted to Y20 billion, double the Q1'08 outlay. For April-September 2009, the company estimates its nonconsolidated results at Y54.9 billion in sales, down 67.9% from the same period of 2008; Y4,100 million in operating profit, down 76.4%; Y4,400 million in pretax profit, down 76.9%; and Y2,000 million in net profit, down 82.2%. The estimated results represent revisions of what was initially forecast. For the whole of fiscal 2009, the company describes the prospects of its nonconsolidated results as Y132.2 billion in sales, down 52.5% from a year ago; Y5,500 million in operating profit, down 89.7%; Y6,000 million in pretax profit, down 89.2%; and Y1,500 million in net profit, down 95.3%. |
| last modified : Tue 28 Jul, 2009 [10:08] |
