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Tokyo Steel sees lower net profit in Q2 FY 2024-25

Monday, 04 November 2024 15:02:47 (GMT+3)   |   Istanbul
       

Japan-based Tokyo Steel has announced its interim consolidated financial results for the second quarter ending September 30 of the fiscal year 2024-25.

In the given quarter, the company reported a net profit of JPY 9.83 billion ($64.75 million), compared to a net profit of JPY 15.61 billion in the same quarter of the previous financial year, while its sales revenues amounted to JPY 174.27 billion ($1.15 billion), declining by 7.9 percent year on year. In addition, Tokyo Steel’s operating profit came to JPY 13.92 billion ($91.68 million), decreasing from an operating profit of JPY 21.54 billion recorded in the same quarter of last year.

In the second quarter, the company produced 1.51 million mt of steel, dropping by 9.6 percent year on year, while its total steel sales totaled 1.66 million mt, down by 4.2 percent year on year. Tokyo Steel stated that in the same quarter its export volume decreased, due to the sluggish overseas market conditions, and its product shipment volume dropped due to the impact of typhoons.

In the meantime, the company expects its net profit to amount to JPY 25 billion for the financial year 2024-25, while its sales revenues and operating profit are forecast to be JPY 308 billion and JPY 24 billion, respectively.