Japan Major Rolled Copper Makers Post Better Results in April-June

Japanese major 4 rolled copper makers posted operating profit for April-June compared with operating loss for January-March while Furukawa Electric’s metal unit posted operating loss while the loss was lower than January-March. Some makers revised the outlook for half year and full year upward under higher copper ingot price. However, many of them expect the business condition could keep severe for second half year due to slower demand and uncertainty for copper market.

The major brass bar makers posted operating profit for April-June. The largest maker of San-Etsu Metals posted 442 million yen of operating profit, which was first profit since July-September 2008 while the profit was 7% lower than April-June 2008. The makers posted inventory valuation loss at end of fiscal 2008 ended March 2009. Higher copper ingot price in April-June improved the profitability. The sales volume decreased by 33% to 13,025 tonnes for brass bar and wire from same period of 2008.

KITZ’s rolled copper unit posted operating profit for April-June. The firm revised the earnings target for half year and full year to March 2010.

Dowa Holdings’ metal processing unit posted 256 million yen of operating profit for April-June. The rolled copper production increased to 3 times of January-March level while the production was 47.5% lower than same period of 2008.

Furukawa Electric’s metal unit posted 3.668 billion yen of operating loss for April-June while the loss was around 2.7 billion lower than January-March due to better demand for electrolytic copper foil and copper strip.