Japanese stainless steelmaker Aichi Steel has released its financial report for the first three quarters of its current financial year, Kallanish notes. It has seen profits increase year-on-year.

The company’s sales for the period fell by -2.2% on-year to JPY 185.27 billion ($26.18 billion). This included steel sector sales with a -1.5% decrease to JPY 93.42 billion, and casting sector sales down -4.1% to JPY 78.11 billion. During the first three quarters, its steel sector registered a sales volume of 622,000 tonnes, down by -6.1% y-o-y. The casting sector sold 201,000t, down by -8.4% y-o-y.

Although its sales performance weakened, its operating profit still rose by 26.8% y-o-y to JPY 185.27 billion benefiting from falling scrap purchasing prices. Its steel and casting sectors saw profit increase to JPY 6.58 billion and JPY 2.46 billion respectively. Net attributable profit overall rose by 30.9% y-o-y to JPY 6.87 billion.