Japanese industrial conglomerate, Ube Industries, has revised down its forecasted operating income for the financial year to 31 March. Income from its cement and construction materials business is now expected to be JPY16 billion on net sales of JPY230 billion.
The company has previously anticipated income of JPY17.5 billion from its cement and construction materials business. Ube reported income on JPY19.8 billion in the previous financial year to March 2016.
“Operating income and ordinary income are projected to be lower than the previous forecast, due to rising resource and energy prices, including for coal, slow growth in the demand for cement and ready-mixed concrete in Japan, and a downward swing in prices for export cement,” the company said in a statement.
Overall, the company – which owns the Isa cement plant in Japan – now expects operating income of JPY33 billion on sales of JPY610 billion. As well as cement and construction materials, the company also operates in the chemicals, pharmaceutical, machinery and energy sectors.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/03022017/ube-industries-revises-down-income-forecast/