October 24, 2012 / 5:11 AM / in 5 years

Steelmaker JFE cuts 2012/13 profit outlook in half

TOKYO, Oct 24 (Reuters) - JFE Holdings Inc, Japan’s No.2 steelmaker, slashed its full-year profit forecast i n half on Wednesday, amid worries that a delay in the Asian market recovery and the end of government incentives for eco-friendly cars will sap demand and prices.

JFE, the world’s ninth-biggest producer of crude steel by volume, e xpects 45 billion yen ($564.05 million) i n recurring profit, which is pretax and before one-off items, for the year to March 2013, sharply below the 90 billion yen it forecast three months ago.

The new figure is below a consensus estimate of 59.99 billion yen in a poll of 17 analysts in Thomson Reuters I/B/E/S, and compares with profit of 52.98 billion yen a year ago.

Its recurring profit for the April-September first-half was 4 .1 b illion yen, down 92 p ercent f rom a year ago, and j ust under it s e stimate of 5 billion yen. ($1 = 79.7800 Japanese yen) (Reporting by Yuko Inoue; Editing by Daniel Magnowski and Ken Wills)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below