14 May 2010 10:54 [Source: ICIS news]
TOKYO (ICIS news)--Tonen General Sekiyu posted a fourfold year-on-year increase in its first-quarter net profit to yen (Y) 31.6bn ($340.3m), as a result of equity valuation gains arising from the formation of a joint venture, the Japanese refiner said on Friday.
During the first three months to 31 March 2010, Tonen General recorded extraordinary income of Y20.3bn that related to the formation of the joint venture Toray Tonen Specialty Separator Godo Kaisha, which involved the company’s battery separator film subsidiary and Toray Industries, the refiner said.
Operating profit for the three-month period was up 41% year on year to Y18.4bn, while net sales increased 21% to Y586.9bn, Tonen General said.
The increase in net sales was due to higher product prices resulting from a rise in crude costs, the refiner said.
In the chemical segment, first-quarter operating profit was Y6.45bn, reversing from an operating loss of Y2.26bn in the first quarter of 2009, due partly to higher margins for aromatics and olefins, the company said.
First-quarter net sales in the chemical segment were up 76% year on year at Y61.6bn, the company said.
($1 = Y92.85)
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