TOKYO Jan 31 JFE Holdings Inc, Japan's
second-biggest steelmaker, posted a nine-month profit on
Thursday and kept its forecast for full-year net income of 35
billion yen ($384.34 million) as the global economic slowdown is
keeping a lid on earnings.
Net income for the nine months through December came to 21.9
billion yen compared to a loss of 37.3 billion yen in the
year-earlier period. Sales rose 1.6 percent to 2.3 trillion yen.
The return to profit was mainly a result of booking
extraordinary income of 23.1 billion yen after an impairment
loss on overseas investments in the previous period.
"In (the) steel business, the global economic slowdown is
persisting and there is still a steel supply demand gap in
Asia," the company said in a statement. "In Japan, even though
downward pressure on the yen has been seen recently, the
domestic economic outlook remains unclear."
($1 = 91.0650 Japanese yen)
(Reporting by Aaron Sheldrick; Editing by Matt Driskill)