Japan's MRC posts 11.4% increase in Apr-Dec op profit

11 February 2005 03:54  [Source: ICIS news]

SINGAPORE (CNI)--Japan’s Mitsubishi Rayon Co (MRC) reported an 11.4% increase in its operating profit to Yen22.11bn ($208.99m/Euro162.3m) for the first nine months of the year to 31 December 2004, up from Yen19.85bn in the corresponding period in 2003.

 

The acrylic fibre manufacturer reported its net sales increased 6.8% to Yen240.11bn, up from Yen224.83bn. Its net profit was up 7.9% to Yen11.19bn.

 

In this period, however, the operating profit of its core chemicals and plastics and the fibres segments dropped. The chemicals and plastics segment’s profit was 5.2% lower at Yen14.46bn while the fibres segment's operating profit was down 33% at Yen2.077bn.

 

But the company’s speciality products and engineering segment did well during this period, posting a 274% increase in operating profit to Yen5.5bn.

 

MRC's statement did not give any reason for the disappointing performance of its core chemicals and plastics and the fibres segments, though it is believed the high price of raw materials for its fibres and the chemicals and plastics segments ate into its profits.

By: Siva Govindasamy
+65 6780 4359

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