Mitsubishi Shindoh’s Operating Profit Drops by 28% in 2011

Japanese largest rolled copper maker, Mitsubishi Shindoh announced on Friday the firm’s operating profit decreased by 28% to 2.508 billion yen in 2011 from 2010. The profit decreased due to the impact by the major earthquake and slower electronics demand in and after autumn. The sales increased by 4.3% to 129.984 billion yen due to higher copper ingot price.

Mitsubishi Shindoh’s Wakamatsu plant in Fukushima could not secure mother material from the quake damaged plant of Onahama Smelting and Refining in Fukushima through July after the earthquake. Mitsubishi Shindoh’s plant secured the material from the firm’s plant and Mitsubishi Materials’ plant in Osaka. The production of Wakamatsu plant was limited in summer due to limited availability of power supply. The firm’s recurring profit decreased by 20% to 2.882 billion yen in 2011 from 2010.

The firm posted 4.15 billion yen of extraordinary profit in 2011 due to change of asset valuation method. The firm’s net profit increased by 34% to 2.917 billion from 2010 while the firm posted 2.108 billion yen of extraordinary loss from sales of fixed assets.

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