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Kobe Steel restores FY'17 profit forecast

Kobe Steel Ltd. on Feb. 1 reinstated and increased its net profit forecast to ¥45 billion, or ¥124.22 per share for its fiscal 2017, which ends March 31.

Net sales are seen rising 11.4% year over year to ¥1.89 trillion.

In October 2017, the company withdrew its fiscal 2017 net profit forecast of ¥35 billion, or ¥96.61 per share, and also scrapped the ¥10 per-share interim dividend for the first half that ended Sept. 30, as it was unable to estimate the impact a scandal involving falsified product data would have on its business performance.

For the first nine months of fiscal 2017, which ended Dec. 31, Kobe Steel swung to a net profit of ¥55.82 billion, or ¥154.10 per share, from a loss of ¥36.48 billion, or ¥100.54 per share a year ago.

Sales for the period surged 13.3% to ¥1.379 trillion.

In its iron and steel segment, sales increased 22% year over year to ¥538.7 billion due to higher prices. For the company's aluminum and copper segment, sales increased 8.7% to ¥260.9 billion.

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