KOBE (dpa-AFX) - Kobe Steel, Ltd. (KBSTY.PK, 5406.T) Friday reported lower profit in the first nine months of fiscal year ending March 31, amid weak net sales. Further, the Japanese steel manufacturer maintained its fiscal year profit view, but trimmed annual sales outlook.
In the period, profit attributable to owners of parent was 84.33 billion yen or 214.11 yen per basic share, 27.8 percent lower than 116.85 billion yen or 296.15 yen per basic share a year ago.
Operating income dropped 24.2 percent to 94.44 billion yen from 124.53 billion yen in the prior year.
Net sales declined 5.6 percent to 1.78 trillion yen from 1.88 trillion yen last year.
Looking ahead for the 12-month period to March 31, the company continues to expect profit of 100 billion yen or 253.74 yen per share, 16.8 percent lower than the prior year; and operating income of 130 billion yen, down 18.1 percent year-over-year.
Meanwhile, net sales are now projected to be 2.440 trillion yen, down 4.5 percent year-over-year. Kobe Steel previously expected annual sales of 2.465 trillion yen.
For the full year, the company still expects to pay a total dividend of 80 yen per share, down from last year's JPY 100 per share.
In Tokyo, the shares were gaining around 0.24 percent, trading at 2,308.50 yen.
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