
TOKYO (Reuters) - Nippon Steel, Japan's top steel producer, lifted its net profit forecast for the year through end-March to reflect stronger-than-expected results in the first half, helped by improved margins and higher gains from group companies.
The steelmaker now expects an annual net profit of 420 billion yen ($2.78 billion), up from its August prediction of 400 billion yen. The revised outlook compares with a mean estimate of 399 billion yen profit in a poll of 11 analysts by LSEG and a profit of 694 billion yen last year.
The company said in a statement its net profit declined 19.4% to 300 billion yen in the April-September period, but the figure beat its earlier forecast of 200 billion yen, supported by a smaller appraisal loss in its inventories.
($1 = 151.2900 yen)
Nippon Steel lifts annual outlook on improved first-half margins Recommended
Italy's Iveco Group raises FY guidance again after strong Q3
Aston Martin cuts volume target as new sports car hits production snag
Carlsberg warns weak consumer sentiment may hurt beer sales in Europe, Southeast Asia
US options traders on edge, eye bond market moves
Thousands of Detroit casino workers threaten to go on strike on Tuesday