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Tokyo Tekko's FY2010 Net Profit Down 82.3% To Y436M
Japan's Tokyo Tekko Co incurred a fall of 82.3% to Y436 million as net profit in the electric steelmaker's consolidated earnings results for fiscal 2010 (April 2010-March 2011). Sales volumes of products increased, but their sales prices decreased whereby earnings deteriorated. Besides, the pretax profit declined sharply as an aftermath of advanced ferrous scrap costs.

The company announced its consolidated results of Y43,845 million in sales for fiscal 2010, down 1.2% from a year ago; Y1,312 million in operating profit, down 75.0%; Y1,076 million in pretax profit, down 77.3%; and Y436 million in net profit, down 82.3%. The ratio of pretax profit to sales stood at 2.5%, way down from 10.7% in the year before.

The company is contemplating paying a yearend dividend of Y3 per share for fiscal 2010, thereby setting the annual dividend payout at Y5 per share, down from the previous one of Y10 per share.

For April-September 2011, the company estimates its group earnings results at Y25 billion in sales, up 20.2% from the same period of 2010; Y450 million in operating profit, up 8.6%; Y300 million in pretax profit, up 7.6%; and Y50 million in net profit, down 79.7%.
last modified : Thu 19 May, 2011 [10:00]
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