Mitsubishi Chemical posts sharp rise in nine-month net profit

03 February 2011 09:12  [Source: ICIS news]

TOKYO (ICIS)--Japanese chemical producer Mitsubishi Chemical Holdings’ (MCHC) nine-month net profit rose to yen (Y) 80.2bn ($962m) from Y10.2bn in the corresponding period a year before, owing to a recovery in demand in Japan and overseas.

Operating profit in the nine months from 1 April to 31 December 2010 more than tripled to Y180.8bn from Y47.1bn in the previous year, while net sales rose 33% to Y2,379.3bn from Y1,792.4bn.

Nine-month operating profit in the chemicals segment soared to Y38.2bn from Y1.0bn owing to an improvement in price variance between feestocks and products, an increase in sales volumes and because Mitsubishi Rayon became MCHC’s fully-owned subsidiary, MCHC said.

Net sales in the chemicals segment increased 17% to Y669.8bn year on year, according to the firm.

($1 = Y81.63)

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By: Tomomi Yokomura
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