TOKYO (dpa-AFX) - Nippon Steel Corporation (NISTY.PK, NISTF.PK), a Japanese steelmaker, on Thursday posted a decline in earnings and revenue for the full year, due mainly to weaker demand and adverse global economic trends.
For the 12-month period to March 31, the company posted a net profit of 549.372 billion yen or 527.96 yen per share, lesser than 694.016 billion yen or 671.89 yen per share, registered last year.
Income per basic share also dropped to 596.59 yen per share from last year's 753.66 yen per share in 2023.
Pre-tax income was at 763.972 billion yen as against last year's 866.849 billion yen.
Operating income fell to 778.662 billion yen from 883.646 billion yen a year ago.
Revenue improved to 8.868 trillion yen from previous year's 7.975 trillion yen.
Looking ahead, citing lower demand due to weak global macro-economic trends, Nippon Steel expects a decline in earnings and revenue for the first half and full year.
For the six-month period, the company projects basic income per share of 195 yen per share.
Net profit is expected to be at 180 billion yen, down 40 percent from last year.
For the first-half, revenue is anticipated to decline by 0.3 percent to 4.400 trillion yen.
For the full-year to March 31, 2025, the company expects a profit of 326 yen per basic share.
Annual net profit is projected to be at 300 billion yen, down 45.4 percent from previous year, due in part to a large loss on business restructuring, the loss being related to the completion of the production facility structural measures.
For the full year, the steel maker sees revenue dropping by 0.8 percent to 8.800 trillion yen.
Nippon Steel intends to pay full-year total dividend of 160 yen per share, unchanged from last year's 160 yen per share.
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