17 May 2002 05:52 [Source: ICIS news]
SINGAPORE (CNI)—Japan’s Tosoh Corp reported a 95% year-on-year decrease in consolidated net profit for its financial year to 31 March 2002 due to a sharp decline in demand in the information technology sector and a general softening of commodity chemical prices.
The Japanese petrochemical producer posted a consolidated net profit of Yen459m ($3.59m/Euro3.93m) compared with Yen9.39bn recorded in 2000-01.
The company’s consolidated operating profit decreased by 43% to Yen15.63bn from Yen27.56bn. Consolidated sales increased marginally to Yen427.48bn from Yen426.17bn.
Tosoh’s basic chemicals division recorded an operating loss of Yen908m on sales that declined by 12% to Yen130.8bn.
The company’s petrochemical division’s operating profit decreased by 29% to Yen5bn. This division’s sales fell 9% to Yen123bn.
Tosoh’s speciality chemicals business saw its operating profit drop by 11% to Yen9.3bn. Its sales plunged 38% to Yen133.7bn.
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