Mitsui Mining & Smelting reported first-quarter operating profit of ¥21.0 billion, up 84.1% year on year, while cutting its first-half forecast from the previous ¥49.0 billion to ¥45.0 billion. The full-year forecast was raised to ¥94.0 billion, but remained below the market consensus, and the first-half revision is being viewed as a selling factor.
Mitsui Mining & Smelting reported first-quarter operating profit of ¥21.0 billion, a substantial year-on-year increase.
Meanwhile, the first-half earnings forecast was cut from the previous ¥49.0 billion to ¥45.0 billion, with year-on-year profit growth now expected to be limited to 13.2%. Declines in market prices for metals such as copper have been cited as a contributing factor.
The full-year profit forecast was raised from ¥91.0 billion to ¥94.0 billion, but remains below the consensus level. The first-half reduction is being viewed by the market as a selling factor.