Japan’s Marubeni fiscal Q1 net profit for chemicals soars to Y2.05bn

29 July 2011 08:25  [Source: ICIS news]

TOKYO (ICIS)--Japanese trading firm Marubeni Corp’s fiscal first-quarter net profit in its chemicals segment soared to yen (Y) 2.05bn ($26.3m) from Y906m in the corresponding period a year earlier, the company said in a statement on Friday.

This is due partly to rising prices of petrochemical products and increased transaction volume of polyvinyl chloride (PVC) alkali products, it added.

Its operating profit in the chemicals segment during the first three months to 30 June 2011 jumped to Y1.91bn from Y838m year on year, while its total volume of trading transactions rose by 32% to Y252.1bn from Y190.8bn.

The overall first-quarter net profit of Marubeni increased by 58% to Y48.4bn from Y30.6bn, while its operating profit was up by 40% to Y39.4bn from Y28.2bn.

Its total volume of trading rose by 10% to Y2,395.3bn from Y2,173.3bn in the first quarter of 2010.

($1 = Y77.81)

By: Tomomi Yokomura
+65 6780 4359

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