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JFE Holdings posts 316% profit jump in 1st 9 months of fiscal 2017

JFE Holdings Inc. said Feb. 1 that its consolidated net profit for the nine months through December 2017 jumped 316.3% year over year to ¥138.62 billion, or ¥240.42 per share.

Net sales for the period amounted to ¥2.671 trillion, a 15.5% increase over sales in the same period the year before.

Operating income surged 373.2% to ¥172.32 billion.

For the third quarter of its fiscal 2017, which ended Dec. 31, 2017, JFE produced 7.63 million tons of crude steel, compared to 7.66 million tons produced in the year-ago period.

The company said the steel business is forecast to enjoy strong demand in Japan for some years, supported by projects in connection with the 2020 Tokyo Olympics and Paralympics.

The company plans to propose a year-end dividend of ¥50 per share, compared to ¥30 per share a year earlier, taking its total payout for fiscal 2017 to ¥80 per share from ¥30 per share in fiscal 2016. JFE's fiscal years end March 31.

For the full year, the company expects its net profit to jump 135.5% year over year to ¥160 billion and net sales to surge 10.9% to ¥3.670 trillion.

As of Jan. 31, US$1 was equivalent to ¥109.27.