TOKYO, Nov 1 Reuters Nippon Steel, Japan39;s top steel producer, lifted its net profit forecast for the year through endMarch to reflect strongerthanexpected results in the first half, helped by improved margins and higher gains from group companies.

The steelmaker now expects an annual net profit of 420 billion yen 2.78 billion, up from its August prediction of 400 billion yen. The revised outlook compares with a mean estimate of 399 billion yen profit in a poll of 11 analysts by LSEG and a profit of 694 billion yen last year.

The company said in a statement its net profit declined 19.4 to 300 billion yen in the AprilSeptember period, but the figure beat its earlier forecast of 200 billion yen, supported by a smaller appraisal loss in its inventories.

1 151.2900 yen

Reporting by Yuka Obayashi; Editing by Sherry JacobPhillips

Source Reuters