Japan Major Smelters Post Higher Profit in F2010

Japanese major nonferrous metals smelters posted higher profit for fiscal 2010 ended March 2011 due to higher metal prices. JX Holdings announced on Thursday JX Nippon Mining & Metals’ recurring profit increased by 49% to 70.7 billion yen. Sumitomo Metal Mining announced on Thursday the consolidated recurring profit increased by 41% to 123.7 billion yen.

JX Nippon Mining & Metals reported the resources development unit’s recurring profit without inventory valuation increased by 58% in fiscal 2010 from fiscal 2009. The unit gained from investment in offshore copper mines under higher copper price. The firm reported the copper smelting and refining unit’s recurring profit increased by 78%. The firm expects 4% lower recurring profit in fiscal 2011 due to lower profit for resources development and copper smelting and refining units under higher yen rate.

Sumitomo Metal Mining reported the mineral resources and smelting and refining units posted higher sales and profit for fiscal 2010 from fiscal 2009. The firm expects the recurring profit is flat at 124 billion yen for fiscal 2011 due to higher yen rate despite of high level metal price.

Mitsubishi Materials announced on Thursday the firm posted higher profit for fiscal 2010 compared with outlook as of February due to higher metal prices, higher dividend received and higher equity method income. The consolidated recurring profit was 56.425 billion yen compared with 9.541 billion yen of loss in fiscal 2009. The firm expects 60 billion yen of consolidated recurring profit for fiscal 2011.

Furukawa announced on Thursday the firm posted 2.8 billion yen of consolidated operating profit for fiscal 2010, which was 77% higher than fiscal 2009. The firm failed to disclose the profit target for fiscal 2011.