JFE Holdings Posts Surge In FQ1 Profit

JFE Holdings (OTC:

) posted a strong rise in its net profit for the fiscal first quarter. JFE's quarterly net profit climbed to Y18.14 billion, from a year-ago profit of Y7.12 billion. Its sales fell 3.2% to Y730.63 billion from Y754.53 billion. JFE's operating profit dropped 45% to Y11.98 billion. For the current business year, JFE expects a net profit of Y80 billion, an operating profit of Y100 billion and sales of Y3.3 trillion.