TOKYO (dpa-AFX) - Nippon Steel Corporation (NISTY.PK), a Japanese steel producer, on Tuesday reported a turnaround to profit for the first half of the current fiscal, with a rise in revenue, driven by an increase in its segmental sales and a decline in other operating expenses.
The Tokyo-headquartered firm reported a profit of 312.70 billion yen or basic earnings per share of 324.43 yen for the six-month period ended in September, compared to a loss of 188.24 billion yen or basic loss per share of 207.62 yen, reported for the same period, year ago.
The Japanese company generated an operating profit of 428.39 billion yen for the April to September period, versus an operating loss of 148.81 billion yen, reported for the six-month period ended on September 30, 2020.
Other operating expenses of the steel maker moved down for the 26-week period to 22.49 billion yen, from 56.63 billion yen, reported for the April to September period of 2020.
Owing to a higher demand for steel related products, the Asian firm generated revenue of 3163.94 billion yen for the 180-day period ended in September, higher than 2241.99 billion yen, recorded for the first half of fiscal 2020.
For the first-half of the current fiscal, the company generated revenues of 2.85 trillion yen, 122.51 billion yen, and 131.24 billion yen, from steelmaking and steel fabrication, chemicals and materials, and system solutions segments, respectively, compared to 1.96 trillion yen, 78.96 billion yen, and 121.74 billion yen, recorded for the same period, last fiscal.
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