KOBE (dpa-AFX) - Kobe Steel, Ltd. (5406.T, KBSTF), a Japanese steel manufacturer, on Thursday announced that profit attributable to owners of the parent increased in the first quarter compared with the previous year.
For the first quarter, profit attributable to owners of the parent increased to 38.64 billion yen from 24.04 billion yen in the prior year.
Basic earnings per share were 98.3 yen versus 60.90 yen last year.
Operating profit increased to 31.31 billion yen from 31.07 billion yen in the prior year.
Non-operating income declined to 11.68 billion yen from 13.55 billion yen in the previous year.
Net sales declined to 569.06 billion yen from 590.73 billion yen in the previous year.
Looking ahead, the company lowered its forecast for ordinary profit to 110.0 billion yen and free cash flow to 70.0 billion yen, while maintaining Profit Attributable to Owners of Parent at 100 billion yen and ROIC at around 5%.
The company expects net sales for the fiscal year 2025 to be 2,480 billion yen from 2550 billion yen, a decrease of 70 billion yen.
Operating profit is expected for the fiscal year 2025 at 130 billion yen from 140 billion yen.
Kobe Steel closed trading, 1.22% at JPY 1,705.50 on the Tokyo Stock Exchange.
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