KOBE (dpa-AFX) - Japan's Kobe Steel Ltd. (KBSTY.PK) reported Thursday that its first-half profit attributable to owners of parent surged 187 percent to 80.35 billion yen from 28.01 billion yen last year. Earnings per share were 203.44 yen, up from 70.96 yen a year ago.
Operating profit climbed 366 percent to 92.14 billion yen from 19.77 billion yen last year.
First-half net sales were 1.25 trillion yen, up 7.2 percent from last year's 1.17 trillion yen.
Looking ahead for fiscal 2023, the company still projects profit attributable to owners of parent of about 120.0 billion yen or 303.83 yen per share, an increase of 65.4 percent from last year.
Operatng profit is still expected to be 165 billion yen, a growth of 91 percent from last year. Ordinary profit is still expected to be around 145.0 billion yen.
Meanwhile, net sales are now projected to be 2.57 trillion yen, up 3.9 percent from last year. Previously, the company projected net sales to be 2.59 trillion yen.
The company said, 'Although steel metal spreads are expected to remain roughly at a similar level to the previous forecast, we anticipate a decline in sales volume in the materials businesses due to a decline in demand in the construction and civil engineering sectors and slow demand recovery in some part of the IT and semiconductor sectors, and a decline in unit sales of construction machinery mainly in Europe and Southeast Asia.'
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