Yen devaluation helps Japan's cemented carbide business performance

Mitsubishi Materials Corp. reported an increase of 16% in consolidated group net sales for the first quarter of its new financial year (2013/2014) ended June 30 to Yen 423 billion ($4.4 billion). There were reported increases in sales for cemented carbide tools as a direct result of the depreciation of the Yen, but sales of PM parts decreased due to the end of eco-car government subsidies in Japan.

This is largely due to the 13.5% rise in cement sales and a 13.8% rise in sales of the metals division. MMCs ‘Advanced Materials & Tools’ division, which includes Diamet Corp, Mitsubishi Materials Tools Co., Ltd. and MMC Superalloy Corp, continued in negative territory in the quarter with a 1.7% decrease in sales to Yen 36 billion ($369 million). However, operating profit for the Advanced Materials & Tools division increased by 15.1%.  Anyway, sales for cemented carbide were increased as a result of this depreciation.


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