Nisshin Steel Posts 74.7% Lower Profit for F2011

Nisshin Steel announced on Friday the firm posted 4.6 billion yen of consolidated recurring profit for fiscal 2011 ended March 2012, which was 74.7% lower than fiscal 2010 level due to higher raw materials cost and limited steel price increase but was higher than 1 billion yen of former outlook due to higher sales volume. The net loss was 4.8 billion yen compared with 10 billion yen of former outlook. The firm tries to improve the profitability for fiscal 2012 though better selling price and cost reduction while the firm failed to disclose the annual target.

The recurring profit decreased by 13.9 billion yen from fiscal 2010 to fiscal 2011. The result was impacted by 36.5 billion yen of higher raw materials cost while the firm gained 18.5 billion yen from higher steel price and 12.6 billion yen from cost reduction.

The recurring loss was 4.4 billion yen for January-March compared with 2.2 billion yen profit in October-December 2011, 3.4 billion yen profit both for July-September and April-June 2011.

The stainless unit posted 2 billion yen of recurring loss for fiscal 2011. The unit posted 3.5 billion yen loss for January-March compared with 1.5 billion yen of loss in October-December 2011, 1 billion yen of profit for July-September and 2 billion yen of profit for April-June.

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