Mitsui lowers 2007 profits forecast by a third

18 April 2008 10:12  [Source: ICIS news]

SINGAPORE (ICIS News)--Japan’s Mitsui Chemical has lowered its forecast for full-year operating profits for fiscal 2007 by almost a third due to decreased margins from high naphtha raw material prices, the firm said on Friday.

 

The company projects its non-consolidated operating income for the period ended 31 March 2007 at yen (Y) 26.0bn ($253.4m), 31.3% lower than the Y19.8bn forecasted in November 2007.

 

It also expects full-year net sales figures to slide to Y1,035bn, from the previously forecast Y1,050bn. 

 

Mitsui Chemicals’ full-year consolidated and non-consolidated financial results for fiscal 2007 will be released on 9 May.

 

In February, the firm reported a 3.9% increase in its nine-month operating income year on year, citing reasons such as cost cuts, price increases and improved market conditions overseas for its performance.

 

($1 = Y102.6)

By: Serene Cheong
+65 6780 4359

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