Shares of Kobe Steel, Ltd. (KBSTY.PK) were gaining around 9 percent in Japan after the Japanese steel manufacturer Friday lifted fiscal 2024 earnings forecast, even as nine-month profit declined from last year. Further, the company trimmed annual sales view.
Further, Kobe Steel revised the forecast for the year-end dividend per share for fiscal 2024 to 55 yen per share from previously announced 45 yen per share.
In the year, total dividend would be 100 yen per share, higher than previously announced 90 yen per share.
For the nine months, profit attributable to owners of parent dropped 6.3 percent to 102.81 billion Japanese yen from 109.73 billion yen a year ago. Basic earnings per share were 260.58 yen, down from 277.83 yen last year.
Ordinary profit was 132.87 billion yen, down 0.8% from 133.93 billion yen a year ago. Operating profit fell 10% to 124.53 billion yen from 138.24 billion yen last year.
Sales for the period edged up 0.6 percent to 1.88 trillion yen from 1.87 trillion yen in the previous year.
For fiscal 2024, the company now expects attributable profit of 130 billion yen or 329.52 yen per share, a growth of 18.7 percent from last year. Operating profit would be 140 billion yen, down 13 percent from last year, and net sales would be 2.58 trillion yen, up 1.4 percent year-over-year.
The company previously expected attributable profit of 120 billion yen or 304.03 yen per share, a growth of 9.5 percent from last year, and net sales of 2.60 trillion yen, up 2.2 percent.
In Japan, Kobe Steel shares were trading at 1,772.50 yen, up 6.9 percent.
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