Toho Zinc Posts 62.1% Higher Profit in F2010

Toho Zinc announced on Wednesday the firm’s consolidated net profit increased by 62.1% to 7.545 billion yen for fiscal 2010 ended March 2011 from fiscal 2009. The firm posted around 5.6 billion yen of extraordinary profit acquisition of remaining share of Australian miner, CBH Resources while the firm posted around 1.4 billion yen of onetime loss for the major earthquake damage.

Toho Zinc’s consolidated sales increased by 24.0% to 103.628 billion yen for fiscal 2010 from fiscal 2009 due to higher nonferrous metal price and firm demand. The firm’s operating profit increased by 2.4% to 8.497 billion yen. However, the recurring profit decreased by 1.6% to 8.725 billion yen due to equity method loss from CBH Resources for the first half year.

Toho Zinc expects 10.0% higher consolidated sales for fiscal 2011 than fiscal 2010 while the firm expects 31.2% lower recurring profit due to output decrease at zinc smelter with the major quake damage. The net profit would decrease by 53.6% after the firm posted onetime profit on CBH Resources acquisition in fiscal 2010.