Japanese steel manufacturer Kobe Steel, Ltd. (KBSTY.PK) Friday reported ordinary profit of 133.9 billion yen for the 9-month period, higher than 74.8 billion yen in the comparable period last year, primarily due to improvement in steel metal spreads as well as growth in the electric power business. The company revised up its earnings guidance while trimming revenue expectations.
Profit attributable to owners of parent rose to 109.7 billion yen from 47.5 billion yen a year ago.
Sales for the period increased to 1,873.7 billion yen from 1,784.6 billion yen in the previous year.
For the full year, Kobe Steel now expects revenue to be 2,560 billion yen, down from the previous outlook of 2,570 billion yen. Ordinary profit for the year is expected to rise to about 150 billion yen, a 5 billion yen increase from its previous forecast.
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