Japanese 2 major nonferrous metal smelters raised their full-year financial result forecasts for fiscal 2010 ending in March 2011. Sumitomo Metal Mining (SMM) announced on Monday the firm revised up its full-year consolidated net sales forecast by 52 billion yen to 850 billion yen from the previous forecast. The recurring profit was revised up by 13 billion yen to 111 billion yen. Net sales would increase by 17% and recurring profit by 26% from fiscal 2009.Mitsui Mining & Smelting announced on Monday the firm revised up its full-year consolidated net sales forecast by 19 billion yen to 455 billion yen for fiscal 2010 from the previous forecast. The recurring profit was revised up by 3 billion yen to 29 billion yen. Net sales would increase by 16% year-on-year and recurring profit by 13%. Both companies reflected recent upsurge of nonferrous metal market prices on their latest financial result forecasts. SMM’s mineral resources division is expected to post full-year profit at 69 billion yen, reviewed up by 8 billion yen. The smelting & refining division would post 41 billion yen full-year profit, revised up y 7 billion yen. Meanwhile, the material division’s profit outlook was revised down by 1 billion yen to 4 billion yen. For nine months of April-December 2010, SMM’s net sales increased by 24% year-on-year with recurring profit improvement by 46%. The mineral resources division gained higher profit thanks to copper and gold price upsurge. The smelting & refining division also posted higher profit along nickel price upsurge. Higher nonferrous metal market prices also pushed up SMM’s equity method income. Mitsui Mining & Smelting raised the full-year recurring profit forecast for the metals, minerals & environmental engineering division to 10 billion yen from previously estimated 5.9 billion yen. Meanwhile, the firm revised down the profit forecast for the copper foil division. The nine-month net sales for April-December 2010 increased by 20% year-on-year with recurring profit improvement by 76%.
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