Kobe Steel Turns To Profit In FY17

Kobe Steel Ltd. (KBSTY.PK) reported that its net income attributable to owners of the parent for fiscal year 2017 was 63.19 billion yen compared to a loss of 23.05 billion yen in the previous year.

Operating income improved 79.1 billion yen year-over-year to 88.9 billion yen from the posting of a one-time expense for the refurbishment of a blast furnace in the Iron & Steel segment and the posting of an allowance for retained receivables in the Construction Machinery segment’s China business in the previous year as well as other factors.

Consolidated sales in fiscal 2017 increased by 185.2 billion yen to 1.88 trillion yen.

Looking ahead for fiscal year 2018, Kobe Steel forecasts net sales of about 1.99 trillion yen, operating income of about 55.0 billion yen, and ordinary income of about 35.0 billion yen for fiscal 2018. Net income attributable to owners of the parent is anticipated to be 45.0 billion yen billion yen owing to the posting of extraordinary income* from the partial transfer of subsidiary shares.

by RTTNews Staff Writer

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