Sumitomo Osaka Cement says that it expects sales to rise by 14% year-on-year to US$761m during the first half of the 2024 financial year. Nikkei Financial Summary News has reported that the producer expects a drop in its cement volumes, offset by price hikes. Currency effects will also impact its result. Meanwhile, coal prices remained lower than expected. The company expects to record a net profit of US$26.6m, compared to a loss of US$20.4m in the first half of the 2023 financial year. It previously forecast a US$13.3m loss.
Sumitomo Osaka Cement recorded US$52.8m in sales in the first quarter of the 2024 financial year (1 April – 30 June 2023). This corresponds to year-on-year growth of 16%. Nonetheless, it made a net loss of US$7.6m.
Throughout the first quarter of the 2024 financial year, Japanese cement despatches fell by 15% to 10.1Mt. Exports declined most sharply, by 43%, to 1.51Mt.