Bloomberg reported that Tokyo Steel Manufacturing Co swung to a first quarter loss and cut full year operating profit and sales forecasts as the recession damped demand from builders.
As per report, Tokyo Steel had a loss of JPY 627 million for the three months ended September 30th 2009 as compared with net income of JPY 10.9 billion a year earlier.
It may be noted that Tokyo Steel lowered its operating profit forecast by 3.6% to JPY 5.3 billion for the year through March 2010 and sales may total JPY 119.2 billion, missing an earlier target by 9.8%.
