Japan’s Mitsubishi Gas Chemical swings to H1 net profit of $79m

29 October 2010 07:24  [Source: ICIS news]

TOKYO (ICIS)--Japan’s Mitsubishi Gas Chemical has posted a first-half net profit of yen (Y)6.4bn ($79m) reversing a net loss of Y2.4bn in the year-ago period on increased sales volumes and higher market prices, it said on Friday.

Operating profit for the six months to 30 September was Y12.6bn, reversing an operating loss of Y1.10bn year on year, while sales were up 26% to Y227.1bn from Y180.8bn, the chemicals producer added in a statement.

In the aromatic chemicals segment, sales of specialty aromatic chemicals including meta-xylenediamine increased overseas, while earnings of purified isophthalic acid were low in China and elsewhere in Asia, Mitsubishi Gas Chemical said.

As a result, the aromatic chemicals segment posted a first-half operating loss of Y350m, against an operating loss of Y4.55bn in the year-ago period, the producer added.

Sales in the segment totaled Y55bn, up 26% from Y43.5bn.

($1 = Y81.1)  

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By: Tomomi Yokomura
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