Japan’s Mitsui Chemical swings to $215m net profit in Q1

30 July 2010 06:42  [Source: ICIS news]

TOKYO (ICIS)--Mitsui Chemicals has swung to a first quarter net profit of yen (Y) 18.7bn ($215m), reversing a net loss of Y16.4bn year on year, on improved sales of basic chemicals, the Japanese company said on Friday.

Operating profit in the three months to 30 June 2010 was Y11.8bn, swinging from an operating loss of Y13.5bn year on year, while net sales rose 30% to Y339.4bn from Y260.6bn in the previous year, it said.

The petrochemicals segment recorded a first-quarter operating profit of Y5.8bn, reversing an operating loss of Y4.9bn year on year, while net sales rose 41% to Y110.3bn from Y78bn, according to Mitsui Chemicals.

Improved demand for polyethylene (PE) and polypropylene (PP) helped the company raise its petrochemical product prices which offset high feedstock costs, the company said.

Production of ethylene and propylene decreased during the quarter due to turnarounds at the plants, Mitsui Chemicals added.

($1 = Y86.92)

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By: Tomomi Yokomura
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