10 November 2005 10:01 [Source: ICIS news]
SINGAPORE (ICIS news)--Mitsubishi Rayon Co (MRC) reported a 21.9% rise in first-half 2005 operating profits to Yen18.7bn ($158.8m/Euro135m) from a year ago, the Japanese chemicals producer said on Thursday.
Consolidated net sales for the six-month ended 30 September rose 3.1% at Yen166.7bn, from the corresponding period of 2004, while net income surged 49.6% to Yen11.3bn.
MRC’s chemicals and plastics segment saw operating profit for the period grow 26.7% to Yen13.6bn as sales increased by 7.6% to Yen85.65bn.
The company’s fibres division posted a 39.8% operating loss to Yen1.1bn as sales dipped 5% to Yen42.75bn, while MRC’s business segment that includes carbon fibres, composite materials and membranes reported a 43.2% growth in operating income to Yen3.9bn, with sales up 2.6% to Yen57.9bn.
The company did not comment on the results.
MRC is a producer of methyl methacrylate (MMA), dimethylformamide (DMF), acrylonitrile butadiene styrene (ABS) and polyethylene terephthalate (PET) resins. It has a 210,500 tonne/year MMA facility in Ohtake, Hiroshima prefecture in Japan, and a 90,000 tonne/year plant in Mab Ta Phut, Thailand, which is a joint venture with the Thai olefins producer Cementhai.
The company hopes to start up a new 90,000 tonne/year MMA plant at Huizhou in 2006 and is planning a new 140,000 tonne/year MMA plant in Texas, US, to be ready by the end of 2009. It is also building a 40,000 tonne/year polyMMA (PMMA) plant in China that is expected to start commercial production by 2010.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|