Japanese major 8 nonferrous metals smelters posted mixed consolidated results for fiscal 2011 ended March 2012 from fiscal 2010. Six smelters posted lower recurring profit due to lower metal prices and higher yen rate. Furukawa and Nittetsu Mining posted higher profit. Mitsubishi Materials, Dowa Holdings, Furukawa and Toho Zinc expect higher recurring profit for fiscal 2012.
JX Nippon Mining & Metals announced on Friday the firm posted 60 billion yen of consolidated recurring profit for fiscal 2011, which was 15% lower than fiscal 2010 level. The firm suffered from higher yen rate and lower sales for electronic materials. The firm expects 13% lower profit for fiscal 2012 due to lower copper price. Sumitomo Metal Mining announced on Friday the firm posted 108.8 billion yen of consolidated recurring profit for fiscal 2011, which was 12% lower than fiscal 2010 level. The firm suffered from lower sales of copper and electronic materials along with lower profit from equity method investment. The firm expects 15% lower profit for fiscal 2012. Mitsubishi Materials announced on Friday the firm posted 42.5 billion yen of consolidated recurring profit for fiscal 2011, which was 25% lower than fiscal 2010 level. The firm suffered from the major earthquake and high yen rate. The firm expects 65% lower profit for fiscal 2012. Mitsui Mining & Smelting posted 44% lower recurring profit for fiscal 2011 from fiscal 2010. The firm expects 11% lower profit for fiscal 2012. Furukawa posted 3% higher recurring profit for fiscal 2011 from fiscal 2010. The firm expects 18% higher profit for fiscal 2012.
