Hanwa reports 13.5% profit jump on recycling growth

Hanwa Corporation reported a 13.5% year-on-year increase in ordinary profit to 14.0 billion yen for Q1, with net sales up 3.5% to 639.8 billion yen.

The performance was driven by strong metal recycling and overseas sales subsidiaries segments. Steel business also contributed to profit growth despite decreased sales.

Strategic moves include a new tire pyrolysis recycling venture in Thailand with 100,000 tons annual capacity and acquiring Kanematsu Trading Corporation, now renamed HKG Trading Co.

The company maintains its full-year ordinary profit forecast of 55.0 billion yen.