Nippon Mining Holdings Revises Profit Target Downward for 1H

Nippon Mining Holdings announced on Thursday the firm revised the half year profit target downward to 46 billion yen of consolidated recurring profit, which is lower than 50 billion yen as of April. The firm expects the lower margin for oil products and the higher cost despite of the higher price for metals and oil products and higher sales for electronic materials. The firm revised the operating and net profit downward by 8-9%. The sales will be 1.46 trillion yen, which is higher than 1.41 trillion yen at original outlook.

Nippon Mining & Metals revised the outlook upward to 11.5 billion yen of recurring profit with 325 billion yen of sales, which was higher than 310 billion yen of sales and 9.5 billion yen of recurring profit. The firm expects higher copper price and higher electrolytic copper sales at 216 US cents per pound and 307,000 tonnes respectively, which were originally 190 US cents and 297,000 tonnes.

The firm posted 38.1% lower sales and 48.7% lower recurring profit for April-June from same period of 2008. Nippon Mining & Metals posted 80.9% lower recurring profit with 40.7% lower sales.