Japanese Zeon’s nine-month net profit falls 60.6%

13 February 2009 07:55  [Source: ICIS news]

TOKYO (ICIS news)--Japanese chemical producer Zeon Corp said on Friday its nine-month net profit fell 60.6% to yen (Y)4bn ($44m) due to a dramatic decline in demand in its fiscal third quarter ending December 2008.

Consolidated net sales for the period were flat at Y223.6bn.

Nine-month net sales in the elastomers segment rose 5.4% year-on-year to Y150.7bn as domestic demand for synthetic rubber from main end-users, including tyre and automotive industries, had been growing until the fiscal third quarter.

Zeon has slashed its year to March net income forecast by 89% to Y1bn. It expects its net sales to come in at Y270bn, 10.9% lower than its previous estimate, it said.

The company’s performance could deteriorate further in the aftermath of significant production cuts by the automotive, electronics, optical and liquid crystal display (LCD) sectors due to sluggish sales, Zeon added.   

($1 = Y90.46)

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By: Tomomi Yokomura
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