Sumitomo Osaka Cement Co said Monday that it aims to boost its group net profit fivefold to Y10 billion for the fiscal year ending March 2009, partly through cost reduction and by making further advances into electronics and other fields. The company said it is predicting a nine per cent decline in domestic cement demand to 53Mt in fiscal 2008 compared with this fiscal year. But a recovery in cement prices and efforts to cut back costs will help underpin its profitability.
The company also aims for further expansion in its optical electronics and its electronic materials activities. For fiscal 2008, the company is forecasting group sales of Y203 billion compared with Y188 billion for this fiscal year. It is planning to invest Y60 billion on new facilities and equipment over the next three years. It also aims to bring its return on equity to 7.1 per cent for fiscal 2008, compared with 1.6 per cent for this fiscal year.
