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Mitsui Mining & Smelting slashes H1'19 profit forecast on lower sales volumes

Mitsui Mining & Smelting Co. Ltd. on Aug. 8 flagged a fall in fiscal 2019 first-half earnings guidance to ¥3 billion from the ¥9 billion it forecast in May as sales volumes in its materials segment are seen coming in under expectations. It also announced a sharp drop in first-quarter results.

Profit in the first half of fiscal 2018 totaled ¥4.55 billion.

Operating income is expected to total ¥6 billion, down from ¥12.5 billion previously expected, while net sales are now estimated at ¥238 billion, down from the previous ¥245 billion forecast.

Earnings in the first quarter fell 42.8% year over year to ¥2.6 billion amid an 8% drop in sales to ¥115.9 billion and a 64.3% fall in operating profit to ¥2.8 billion.

As of Aug. 8, US$1 was equivalent to ¥106.13.