Tosoh posts 2% drop in full-year op income

09 May 2008 06:09  [Source: ICIS news]

TOKYO (ICIS news)--Japanese chemicals firm Tosoh Corp on Friday posted a 1.9% year-on-year decrease in its full-year operating income to yen (Y)59.1bn ($568m) partly due to the unfavourable performance of some functional products, the company said.

Net sales were up nearly 6% to Y827.4bn, while net income was down 11.6% to Y25.2bn, it added in a statement.

In the petrochemicals segment, domestic shipments of polyethylene (PE) increased year on year but exports decreased, the company said and added that prices of cumene, styrene monomer (SM) and chloroprene rubber (CR) rose in overseas markets.

As a result, the segment recorded a full-year operating profit of Y15bn, up 6.9%, while net sales increased 11.8% to Y270.9bn.

In the basic raw materials segment operating profit was down 56.1% to Y2.7bn due to high feedstock costs, while net sales rose 1.8% to Y195.8bn.

Exports of vinyl chloride monomer (VCM) decreased due to a power outage at the Nanyo plant in Yamaguchi prefecture, but overseas market prices rose, the company said, adding that polyvinyl chloride (PVC) exports increased, while domestic shipments declined on sluggish demand.

($1 = Y104.05)

By: Tomomi Yokomura
+65 6780 4359

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