Mitsui & Co's chem unit returns pft in Q1 '02-03 from loss

07 August 2002 03:26  [Source: ICIS news]

SINGAPORE (CNI)—The chemicals division of Japanese trading major Mitsui & Co has returned a net profit of Yen1.87bn ($15m/Euro16m) for the first quarter of its financial year to 30 June 2002 compared with a net loss of Yen392m recorded in the corresponding quarter of the previous fiscal year.

Mitsui’s chemical sales rose by 3% to Yen343.15bn from Yen332.82bn while operating profit increased 2% to Yen3.16bn from Yen3.10bn.

On a consolidated basis, Mitsui’s net profit decreased by 9% to Yen18.37bn from Yen20.16bn.

The company’s consolidated sales decreased 8% to Yen2.91trn from Yen3.16trn due to poor margins resulting from lower prices.

However, Mitsui’s consolidated operating profit increased marginally to Yen19.62bn from Yen19.43bn. The increase was attributed to the lower cost of production, which fell faster than the company’s sales.

By: Iqbal Anand
+65 6780 4359

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