Japan’s Asahi Kasei swings to Q1 net profit of $107m

03 August 2010 06:14  [Source: ICIS news]

TOKYO (ICIS)--Japan’s Asahi Kasei Corp said on Tuesday it has posted a first-quarter net profit of yen (Y) 9.26bn ($107m), reversing a net loss of Y1.75bn in the same period a year before, owing partly to the strong performance of its chemicals business.

Operating profit in the first three months to 30 June was Y22.8bn, swinging from an operating loss of Y338m in the previous corresponding period, while net sales jumped 22% year on year to Y353.5bn, the company said.

Asahi Kasei’s chemicals segment reported a near-sevenfold increase in operating profit to Y15.3bn, with net sales surging 34% to Y178.4bn from Y132.9bn, the company said.

Higher prices of acrylonitrile (ACN) and adipic acid overseas, and bigger sales volumes helped boost the company’s earnings during the quarter, it added.

($1 = Y86.52)

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By: Tomomi Yokomura
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