Toagosei’s Q1 profits fall 10% on feedstock costs

25 April 2008 09:32  [Source: ICIS news]

TOKYO (ICIS news)--Japanese chemicals producer Toagosei has posted a 10.1% year-on-year decrease in its first-quarter operating income mainly because it was unable to offset high feedstock costs, the company said on Friday.

 

The company’s consolidated operating income for the first quarter ended 31 March was yen (Y) 3bn ($28.6m), down from Y3.4bn compared with the year-ago period.

 

Toagosei’s net sales increased 0.6% for the first quarter to Y39.9bn, from Y39.6bn, while net income decreased 37.9% to Y1.1bn, from Y1.8bn.

 

Due to the high cost of crude oil and naphtha, the company had taken countermeasures such as raising product prices, optimising production and expanding sales activities of high value-added products, it said.

 

However, the price of feedstocks had risen more  than it expected, the company said.

 

Toagosei did not provide a full breakdown of its earnings.

 

($1 = Y104.4)

 

 

By: Tomomi Yokomura
+65 6780 4359

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