30 April 2010 06:49 [Source: ICIS news]
TOKYO (ICIS news)--Japan’s Shin-Etsu Chemical has posted a 46% year-on-year decline in its full-year net profit to yen (Y) 83.9bn ($892m) as sales across its businesses fell, the chemical producer said on Friday.
Operating profit in the full year to 31 March 2010 was halved to Y117.2bn from Y232.9bn the year before, while net sales were down 24% to Y916.8bn.
Its organic and inorganic chemicals segment recorded a Y61.1bn full-year operating profit, down 36% year on year, with net sales down 19% at Y509bn, Shin-Etsu said.
The company said its US subsidiary Shintech, which produces polyvinyl chloride (PVC), was impacted by the long and ongoing slump in the housing industry in the US, but the subsidiary's shipments of organic and inorganic chemicals increased elsewhere.
Its Netherlands' operations, as well its domestic PVC business, had been weak given declines in demand, Shin-Etsu said.($1 = Y94.03)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|