Nippon Steel Swings To Full-year Profit

Nippon Steel Corporation (NISTY.PK,NISTF.PK), a Japanese steel major, on Tuesday posted a profit for the fiscal 2021 versus loss last year, amidst a recovery from the impact of Covid-19 and a rise in sales, supported by improved demand.

For the fiscal ended on March 31, the steel-maker reported a profit of 637.321 billion yen or 657.48 yen per share, compared with a loss of 32.432 billion yen or 35.22 yen per share, reported for the previous fiscal.

Pre-tax profit was 816.583 billion yen, compared with a loss of 8.656 billion yen, reported for the year ended in March, 2021.

The Tokyo-headquartered firm's operating earnings for the year rose to 840.901 billion yen, from 11.381 billion yen of the last financial year.

Business profit was reported at 938.130 billion yen as against 110.046 billion yen of previous year.

The Group generated its revenue for the year at 6.808 trillion yen, higher than 4.829 trillion yen, year-on-year basis.

Nippon Steel said it has decided to propose a year-end dividend of 90 yen per share at the General Meeting of Shareholders.

Looking forward, for the fiscal 2022, the steel-maker said that it targets a business profit of 600 billion yen or more excluding one-off factors.

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