FX.co ★ Kobe Steel H1 Profit Declines - Quick Facts

Kobe Steel (KBSTY.PK) disclosed a profit attributable to shareholders amounting to 56.6 billion yen for the first half of the year, marking a decrease of 29.6% compared to the previous year. The basic earnings per share dropped to 143.35 yen from 203.44 yen.

For the six-month period ending on September 30, 2024, the company reported net sales of 1.25 trillion yen, a slight decline of 0.4%. Kobe Steel attributed the relatively stable year-on-year net sales to reduced sales in its electric power division, primarily due to falling thermal coal prices.

Looking ahead to the financial year 2024, Kobe Steel projects basic earnings per share to be 304.03 yen, with net sales anticipated to reach 2.6 trillion yen. The company highlighted that this forecast represents a reduction from previous estimates, largely due to a decrease in sales volume within the materials sector, especially in automotive.