Tokyo Steel Expects 71% Higher Full Year Recurring Profit

Tokyo Steel Manufacturing announced on Tuesday the firm revised recurring profit upward to 29.5 billion yen for parent company for full fiscal 2008 ending March 2009, which is 71% higher than fiscal 2007 and 34% higher than previous outlook in July. Sharp drop of ferrous scrap price lifts the earnings. The firm expects the sales are 329 billion yen for the year, which is 34% higher than fiscal 2007 and 0.6% higher than July outlook. The firm also revised the mid-year outlook upward to 17.5 billion yen of recurring profit for half year to September, which is 42% higher than same period of 2007 and 75% higher than July outlook. The firm expected lower profit than same period of 2007 as of July. The firm expects the full year operating profit is 27.5 billion yen, which is 38% higher than July outlook and higher than 15.2 billion yen in fiscal 2007. The net profit is 17 billion yen, which is 36% higher than July outlook and higher than 10.1 billion yen in fiscal 2007. The firm expects the half year operating profit is 16 billion yen, which is 88% higher than July outlook and higher than 11.4 billion yen in same period of 2007. The net profit is 10 billion yen, which is 82% higher than July outlook and higher than 7.5 billion yen in same period of 2007 while the sales were 168 billion yen, which is 1.2% higher than July outlook and higher than 118.2 billion yen in same period of 2007.