Nippon Metal Industry to Post 5.5B yen Recurring Loss for F2011

Nippon Metal Industry announced on Friday the firm expects 5.5 billion yen of consolidated recurring loss for fiscal 2011 ending in March 2012 compared with the breakeven outlook announced in October 2011. The firm also expects 6 billion yen of the net loss compared with the breakeven outlook before. The profit is impacted by lower selling price under lower nickel price at London Metal Market, slow domestic demand and unprofitable export under historical high yen rate. The firm announced zero yearend dividend for fiscal 2011.

Nippon Metal Industry posted 2.981 billion yen of consolidated recurring loss in April-December 2011 compared with 518 million yen of the loss in April-September. The firm posted 93 million yen of the profit in April-December 2010. The firm posted 2.322 billion yen of the operating loss in April-December 2011 due to lower order receipt under slow stainless steel demand. The sales decreased by 8.3% from April-December 2010. The firm posted around 900 million yen of the valuation loss of investment securities.

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