Demand fluctuations in customer industries such as shipbuilding and housing equipment

「Although ingot sales, the main product handled in the non-ferrous metals business, remained firm, supported in part by demand captured by the U.S. subsidiary, total sales volume declined 17.3% year on year as recycling feedstock sales decreased.」

「Meanwhile, recycling feedstock revenue declined 13.9% compared with the previous consolidated fiscal year, as the order environment for scrap copper and other products supplied to smelters changed.」

「Sales volume increased 6.3% year on year overall, as demand in Japan recovered for raw materials supplied to major smelters and for water supply equipment, copper products and other items, resulting in higher sales volumes for both ingots and recycling feedstock.」

「In the non-ferrous metals business, ingot revenue increased by ¥2 million year on year overall. Although sales volume related to water supply equipment declined because the order environment deteriorated, sales volume in the shipbuilding sector increased as the order environment improved, and higher selling prices also contributed. Meanwhile, recycling feedstock revenue declined 4.7% year on year. Although scrap copper for smelters remained broadly unchanged, higher-grade material was affected by the deterioration in the order environment for copper pipes and other products.」

「Sales volume declined 14.1% year on year for ingots, 13.2% for recycled raw materials and 13.4% overall.」

「Sales volumes of both ingots and recycled raw materials declined due to lower domestic demand for raw materials and copper products related to water supply equipment, following scheduled furnace repairs at major smelting companies. Total sales volume declined 18.1% year on year.」

「Sales volumes of both ingots and recycled raw materials declined due to scheduled furnace repairs at major smelting companies and lower demand for raw materials and copper products related to water supply equipment, resulting in an overall 20.5% year-on-year decline.」

「Sales volume declined 1.8% for ingots and 8.3% for recycled raw materials, resulting in a 6.6% decline overall from the previous fiscal year.」

「Sales volume declined 1.5% year on year for ingots, 8.2% for scrap and 6.3% overall.」

「In terms of sales volume, ingots increased year on year, but scrap declined, resulting in a slight overall decrease,」

「Although total sales volume declined 0.6%, ingot sales were 4.0% above the previous year.」

「Ingot sales remained firm and increased 18.2% year on year, while scrap sales remained flat, resulting in an overall increase of 7.5%.」

「Against this external backdrop, in addition to sales volume continuing to exceed that of the same quarter of the previous year,」

「In terms of sales volume, ingots increased year on year, while scrap declined slightly, resulting in a slight overall increase.」

「Total sales volume declined slightly, but ingot sales exceeded the previous year,」

「Although ingot sales volume declined slightly, scrap sales volume increased year on year across all products on firm demand, and together with wider margins this resulted in favorable profitability.」

「Against this external backdrop, in addition to sales volume continuing to exceed the same quarter of the previous year, copper prices, the Group's main product, reached $10,747.5 per tonne for three-month copper futures on the London Metal Exchange in early May, setting a record high for the first time since 15 February 2011, amid favorable supply-demand conditions driven by expectations of economic recovery centered on the US and China and expectations for copper demand from the green revolution. The average yen-denominated cash price during the period was also 41.6% higher than in the same quarter of the previous year.」

「Against this external backdrop, sales volumes exceeded those of the same quarter of the previous year, while copper prices, our Group’s core product, maintained an upward trend throughout the quarter due to economic stimulus measures and a strong recovery in the Chinese economy. The price reached its highest level since August 2011 in late February, and the average yen-denominated cash price during the period rose 22.3% year on year, substantially improving trading margins.」

「In addition, sales volumes of both ingots and scrap exceeded the previous year, resulting in revenue of ¥1,305.5 million for the cumulative first-quarter period, up 28.1% year on year; operating profit of ¥482 million, up 236.1%; ordinary profit of ¥273 million, up 129.5%; and net income attributable to owners of the parent of ¥167 million, up 166.1%.」

「Shipbuilding-related sales declined as orders deteriorated and lower sales volume affected sales amid falling prices. However, sales in the water supply equipment-related business increased due to higher sales volume, resulting in an overall 10.2% decline from the previous fiscal year.」

「Against this external backdrop, scrap sales volume declined 13.7% year on year, resulting in a 9.9% decline in total sales volume.」

「Against this external backdrop, scrap sales volume declined 15.9% year on year, resulting in a 12.7% decline in total sales volume.」

「The Group's sales volume declined for ingots due to lower volumes of raw materials used in water supply equipment, while scrap sales also declined due to lower scrap demand resulting from furnace repairs at smelting companies and the effects of refined copper and return materials,」

「During the cumulative first quarter of the current fiscal year, the global economy became unstable, particularly in financial markets, as concerns about the economic outlook intensified due to increased US-China trade friction resulting from US protectionist moves since the previous fiscal year and the impact of US interest-rate hikes. Against this external backdrop, the Group's total sales volume increased slightly, as ingot sales declined due to lower overseas demand for raw materials used in water supply equipment, while scrap sales increased because the impact of furnace repairs at smelting companies diminished.」

「By category, sales of raw materials for ships declined 15.0% year on year, resulting in a 2.0% decline in total ingot sales. For scrap, sales of scrap copper to smelting companies declined 20.1% year on year, resulting in an 8.9% decline in total scrap sales.」

「In terms of sales volume, ingots declined due to lower demand for raw materials used in ships, while scrap also declined due to the impact of furnace repairs at smelting companies,」

「The Group's principal customers operate in the shipbuilding, home sales and equipment-related industries. Accordingly, demand trends for nonferrous metals in these industries could have a significant impact on demand for the Group's products.」