TOKYO, Aug 2 (Reuters) - Nippon Steel & Sumitomo Metal Corp , Japan’s top steelmaker, reported its first-quarter recurring profit fell 18.8 percent from a year earlier, hurt by rising costs of secondary materials and lower appraisal gains in raw materials inventory.
For the current year to March 31, it forecast that its business profit will come to 350 billion yen ($3.13 billion) under International Financial Reporting Standards (IFRS). The company is set to change its accounting method from the Japanese standard from the end of the current financial year.
The world’s third-biggest steelmaker by crude steel output did not give a comparable figure for last year, but Executive Vice President Katsuhiro Miyamoto said the projected profit would be around 10-20 billion yen lower under the Japanese standard.
Nippon Steel reported a recurring profit of 297.5 billion yen for the 2017/18 year ended March 31, under the Japanese standard. ($1 = 111.6500 yen) (Reporting by Yuka Obayashi; Editing by Richard Pullin)