28 April 2010 09:28 [Source: ICIS news]
TOKYO (ICIS news)--Japanese chemical producer Showa Denko KK posted a first-quarter net profit of yen (Y) 3.49bn ($37.4m), reversing from a net loss of Y22.1bn in the same period last year, due to increased profits and higher sales in all segments, the company said on Wednesday.
Higher operating rates at the company's plants during the quarter compared with the same period in 2009 led to increased profits and higher sales, Showa Denko said.
Operating profit in the company's petrochemicals segment during the first three months to 31 March 2010 was Y1.03bn, compared with an operating loss of Y523m in the corresponding period a year before, while net sales rose 60% year on year to Y64.2bn, Showa Denko said.
The petrochemicals segment's sales increased because product prices rose in line with hikes in feedstock costs, as well as due to an increase in the company’s sales volume for vinyl acetate, it said.The company’s consolidated operating profit in the first quarter was Y7.03bn, reversing an operating loss of Y15.7bn in the same period last year, while consolidated net sales increased 55% year on year to Y187.7bn, according to the producer.
($1 = Y93.15)
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