Mitsubishi Gas posts 32% fall in Q1 net income

05 August 2008 09:48  [Source: ICIS news]

TOKYO (ICIS news)--Mitsubishi Gas Chemical (MCG) has posted a 32% fall in its first-quarter net income to yen (Y) 9.2bn ($85m) from Y13.6bn year on year partly due to the weak market for purified isophthalic acid and lower sales volume of polycarbonate (PC) sheet and films and high feedstock costs, it said on Tuesday.

MGC’s net sales for the three months ended 30 June was Y133.9bn, up 4.7% from Y127.9bn during the corresponding period in 2007, it added.

The natural gas chemicals segment saw its first-quarter net sales rise 17.8% to Y40.8bn due to an increase in the price of methanol, the producer said.

MGC had lowered the forecast for its first-half net income by 20% to Y14bn from the previous forecast of Y17.5bn, while net sales estimates remained unchanged, the company said.

This was due to the poor sales of PC sheet and film and printed circuit board, as well as intense competition in the purified isophthalic acid field and rising feedstock costs, it added. 

($1 = Y108.25)

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By: Tomomi Yokomura
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