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Sojitz's metals, coal division swings to June-quarter profit

Sojitz Corp.'s metals and coal division posted a profit attributable to the company of ¥4.17 billion for its fiscal first quarter that ended June 30, swinging from a year-ago loss of ¥360 million.

Net sales in the segment increased 40.9% on a yearly basis to ¥138.24 billion thanks to higher coal and precious metal sales in the period, the company said Aug. 2.

Overall, the group's consolidated profit attributable to company owners jumped 73.6% to ¥14.62 billion as net sales grew 11.6% to ¥1 trillion due to higher sales in the metals and coal division driven by higher coal and precious metal transactions, as well as higher sales in the chemicals division.

The company plans to pay a cash dividend of ¥10 per share for the fiscal year ending March 31, 2018.

Meanwhile, the company maintained guidance for full-year net profit at ¥50.0 billion and net sales guidance at ¥4.100 trillion.

As of Aug. 1, US$1 was equivalent to ¥110.15.