Shares of Nippon Steel Corp. (NISTY.PK,NISTF.PK) were down around 9 percent in the trading in Japan after the company reported Wednesday lower business profit in its fiscal 2022, despite higher net profit and revenues. Further, the firm said it expects weak profit in its first half and fiscal 2023. The company also trimmed dividend for fiscal 2023.
For fiscal 2022, profit attributable to shareholders grew 8.9 percent to 694.02 billion yen or 671.89 yen per share from 637.32 billion yen or 657.48 yen per share a year ago.
Operating profit moved up 5.1 percent to 883.65 billion yen, while business profit dropped 2.3 percent from last year to 916.46 billion yen.
Revenues of 7.98 trillion yen increased 17.1 percent from prior year's 6.81 trillion yen.
Looking ahead for the first half, the company projects attributable profit of 120 billion yen or 130 yen per share, down 67.8 percent from last year, and business profit to drop 50.2 percent to 270 billion yen. Revenues, however, would grow 16.1 percent to 4.50 trillion yen.
Further, for fiscal 2023, Nippon projects attributable profit of 370 billion yen or 402 yen per share, down 46.7 percent from last year, and business profit to drop 29.1 percent to 50 billion yen. Revenues are expected to grow 12.8 percent to 9 trillion yen.
Further, the company announced a fiscal 2022 year end dividend of 90 yen per share, same as last year, resulting in full year dividend of 180 yen per share, up from 160 yen per share a year ago.
The company projects fiscal 2023 dividend of 140 yen per share, lower than previous year.
In Japan, Nippon Steel shares were trading at 2,825 yen, down 8.7 percent.
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