15 May 2006 07:40 [Source: ICIS news]
SINGAPORE (ICIS news)--Mitsui Chemicals, the Japanese major, said on Monday that its operating profits in the fiscal year 2005 fell by over a quarter on the poor performance of its core petrochemicals and basic chemicals divisions.
Its overall operating profits fell 27% to Yen58.7bn ($534.58m/Euro414.29m), down from Yen80.5bn a year before. Net sales fell by 20% to Yen1.47trn, while net profit increased by 68% to Yen44.1bn.
The petrochemicals division’s operating profits fell by 37% to Yen15.9bn, even though sales grew by 54% to Yen487bn. In the basic chemicals division, operating profit fell 39% to Yen21.8bn despite an 11% growth to Yen474.3bn in sales.
The company has projected that sales in the fiscal year ending 31 March 2007 will increase by 15% to Yen1.7trn and operating income by 19% to Yen70bn. Net profit, however, is likely to fall by 20% to Yen35bn.
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