By Dave McCombs
July 31 (Bloomberg) -- Kobe Steel Ltd., Japan's fourth- biggest maker of the metal, gained in Tokyo trading after the company reported a 9.9 percent jump in first-quarter profit amid expectations demand for steel will push prices higher.
Net income rose to 25.3 billion yen ($234 million) in the year ending March 31, from 23 billion yen a year earlier, the company said in a stock exchange statement.
The shares surged as much as 1.3 percent to 304 yen on the Tokyo Stock Exchange, compared with a 0.3 percent decline in the benchmark Nikkei 225 Stock Average. The shares traded at 298 yen at 1:04 p.m. in Tokyo.
To contact the reporter for this story: Dave McCombs in Tokyo at dmccombs@bloomberg.net
Thursday, July 31, 2008
Kobe Steel Shares Rise on 9.9% Gain in First-Quarter Profit
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