Marubeni H1 net income drops 53% to Y50.4bn

30 October 2009 12:13  [Source: ICIS news]

TOKYO (ICIS news)--Marubeni Corp recorded a 53% year-on-year decrease in its first-half net profit to yen (Y) 50.4bn ($551.1m), primarily due to significant declines in commodity prices and the appreciation of the yen, the Japanese trading house said on Friday.

Operating profit for the six months ended 30 September 2009 was Y62.9bn, down 55% from Y139.4bn in the six-month period in 2008, the firm said.

Total net sales for the six months were Y3,701.2bn, a 37% year-on-year decrease from Y5,881.8bn, according to Marubeni.

First-half net sales in the chemicals segment fell 41% year on year to Y305.3bn due to declines in the prices of petrochemical products and less sales of synthetic resins, the company said.

The chemicals segment's operating profit in the first half 2009 plummeted 76% to Y2.3bn, down from Y9.2bn during the same period in 2008, the firm added.

($1 = Y91.45)

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By: Tomomi Yokomura
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