Mitsubishi Chemical’s H1 net profit falls 38%

31 October 2008 08:25  [Source: ICIS news]

TOKYO (ICIS news)--Mitsubishi Chemical Holdings (MCHC) has posted a 38.5% year-on-year decline in its first-half net income to yen (Y) 23.5bn ($238.2m) resulting from the merger of subsidiary Mitsubishi Pharma Corp with Tanabe Seiyaku, the Japanese chemicals giant said on Friday.

 

MCHC’s consolidated net sales in the six months ended 30 September rose 14.2% to Y1,587.7bn year on year primarily due to the hikes in petrochemical product prices on jumping feedstock costs, the firm said.

 

First-half net sales in the electronics applications segment, which included inorganic chemicals and information and electronics-related materials, decreased 7% to Y183.4bn from the year before partly due to a decline in the sales volumes of plastic injection mouldings for electronic applications, the company said.

 

MCHC forecast its net income for the full year ending 31 March to be Y35bn, down 78.7% year on year, while it expected net sales to increase 11.6% to Y3,270bn, it said. 

 

($1 = Y98.67)

 

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By: Tomomi Yokomura
+65 6780 4359

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