Mitsui Mining & Smelting Posts Higher Profits in F2010

Mitsui Mining & Smelting announced on Monday the firm’s consolidated net profit increased by 52.2% to 21.16 billion yen for fiscal 2010 ended March 2011 from fiscal 2009 when the demand increased for electronics material and automobile component along with higher zinc price. The sales increased by 13.8% to 446.487 billion yen when all business units posted higher sales. The recurring profit increased by 32.6% to 34.01 billion yen. The firm increased dividend by 3 yen to 6 yen per share. The firm posted 3.2 billion yen of onetime loss on the major earthquake.

Mitsui Mining & Smelting estimates 4.6% higher consolidated sales at 467 billion yen for fiscal 2011 from fiscal 2010. However, the firm estimates the profit decreases by 20.6% to 27 billion yen for recurring profit and by 17.3% to 17.5 billion yen for net profit. The firm expects the profit increases from electronics material business mainly for copper foil. However, the firm forecasts the profit decreases from metals and minerals.