Japan’s Tosoh swings to $30m H1 net profit on high product prices
29 October 2010 06:52 [Source: ICIS news]
TOKYO (ICIS)--Japan’s Tosoh Corp posted a first-half net profit of yen (Y) 2.44bn ($30m), reversing a net loss of Y2.24bn year on year as a result of increased prices of its products in overseas market, the company said on Friday.
Prices of its products including polyvinyl chloride (PVC), polyurethane (PU) feedstocks and ethyleneamine had risen during the quarter, Tosoh Corp said in a statement.
Operating profit in the six months to 30 September 2010 soared to Y10.1bn from Y2.49bn in the year-ago period, while sales were up 8.2% to Y322.1bn from Y297.7bn year on year.
First-half operating profit in the petrochemical segment rose 9.2% to Y2.84bn from Y2.60bn year on year, while sales were up 11% to Y86.5bn to Y77.9bn due to increased product prices both in Japan and overseas reflecting elevated naphtha prices, Tosoh said.
($1 = Y81.1)
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By: Tomomi Yokomura
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