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Japan Nonferrous Metal Firms Log Record Half-Year Profits

Posted on: Monday, 14 November 2005, 18:00 CST

Tokyo, Nov. 14 (Jiji Press)--Six Japanese nonferrous metal companies reported record half-year consolidated recurring profits in the April-September first half of fiscal 2005, aided by an expansion of income from smelting operations due to price rises in major metals.

The group sales of Mitsubishi Materials Corp. and the five other firms also grew from a year earlier.

In the first half, copper prices jumped around 27 pct, zinc prices some 28 pct and nickel prices around 17 pct.

Mitsubishi Materials' recurring profit surged by over 50 pct, thanks partly to strong demand for cutting tools for automobiles.

Sumitomo Metal Mining Co. marked double-digit growth of recurring profit, due partly to rises in dividend income from overseas mining companies.

Mitsui Mining and Smelting Co. and Dowa Mining Co. suffered group net profit falls of over 20 pct, hit by asset impairment write- offs and other factors.

All six firms expect to mark record recurring profits for the full year.

Mitsubishi Materials, Sumitomo Metal Mining, Mitsui Mining and Smelting and Dowa Mining project record annual net profits.

Following are the six companies' consolidated sales and profits in April-September in billions of yen, with year-on-year percentage changes in parentheses:

Sales Recurring Net

Profit Profit

Mitsubishi Materials 524.9 36.7 16.4

(12.6) (52.3) (72.4)

Sumitomo Metal 271.9 36.7 23.6

(16.2) (11.7) (12.1)

Mitsui Mining 232.5 23.9 8.0

(7.7) (3.2) (-20.5)

Nippon Mining 212.9 32.4 - & Metals Co. (12.7) (66.8) -

Dowa Mining 139.8 14.5 4.8

(21.6) (30.5) (-23.1)

Furukawa Co. 82.5 4.6 1.8

(19.0) (123.3) (107.9)

Note: Nippon Mining & Metals, a subsidiary of Nippon Mining Holdings Inc. , did not unveil a net profit figure. [EARNINGS]END

Source: Jiji Press English News Service

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