26 July 2010 10:47 [Source: ICIS news]
TOKYO (ICIS news)--Japanese chemical producer Shin-Etsu Polymer has posted a first-quarter net profit of yen (Y) 607m ($7m) on the back of cost cutting measures - reversing a net loss of Y210m in the same period last year, the company said on Monday.
Operating profit for the first three months to 30 June 2010 was Y1.31bn, up from Y37m year on year, while net sales rose 18% to Y17.9bn, up from Y15.1bn recorded last year, the firm said.
The company did not provide details of the cost-cutting measures.
First-quarter operating profit in the living environment and materials segment was Y39m, while net sales were Y4.36bn, the company said.
Sales of polyvinyl chloride (PVC) pipes had suffered due to a drop in public investment and a fall in demand for the construction of new homes, while the sale of plastic sheets and performance compounds was recovering, the producer said.
($1 = Y87.5)
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