Japan: Taiheiyo Cement recorded a net loss of US$135m during the first nine months of its 2023 financial year, compared to a net profit of US$226m during the first nine months of the 2022 financial year. Nikkei Financial News has reported that the group lowered its financial forecast for the full 2023 financial year accordingly. Taiheiyo Cement now expects to record a loss of US$199m, compared to a US$221m profit in the 2022 financial year. The producer previously revised its earnings and profit forecasts downward following its first-half 2023 financial year results on 10 November 2022.
During the first nine months of the 2023 financial year, Taiheiyo Cement recorded sales of US$4.58bn, up by 14% year-on-year. The producer said that new US acquisitions during the year so far helped it to increase its cement volumes in that market.