TOKYO (dpa-AFX) - Nippon Steel Corp. (NISTY.PK) reported that its profit attributable to owners of the parent for the first-quarter of fiscal year 2019 dropped to 33.33 billion yen or 36.20 yen per basic share from 85.40 billion yen or 96.75 yen per basic share in the prior year.
Quarterly revenue grew to 1.52 trillion yen from 1.46 trillion yen last year.
Nippon Steel expects the broadening impact from the prolonged trade friction between the United States and China to lead to ongoing strong concern about an overall economic slowdown, particularly in China.
The company anticipates that conditions in the Japanese economy will reflect heightened concern about future uncertainty stemming from the potential impact of global economic conditions.
Nippon Steel expects to report revenue of 3.000 trillion yen, business profit of 70 billion yen, and profit for the first half attributable to owners of the parent of 30 billion yen in its consolidated earnings for the first half of fiscal 2019.
The company expects business profit to be 150 billion yen for fiscal 2019.
Copyright RTT News/dpa-AFX