Revenue for the quarter reached 72.93 billion yen, down from 73.86 billion yen a year earlier. The company swung to an operating loss of 2.31 billion yen, contrasting with the 4.77 billion yen profit posted during the prior year’s opening quarter. Pretax profit also moved into negative territory, showing a loss of 1.74 billion yen compared to a 5.31 billion yen gain previously. Earnings per share dropped to 18.40 yen from 36.18 yen. The company projects an annual dividend of 40 yen per share, a decrease from the 50 yen dividend distributed last year.
Tokyo Steel Profits Halve as Quarterly Revenue Slips
Tokyo Steel Manufacturing reported a sharp decline in profitability for the first quarter ending June 30, with net profit falling to 1.88 billion yen from 3.73 billion yen in the same period last year. The results reflect a difficult start to the fiscal year for the Japanese steel producer.
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