02 August 2011 08:18 [Source: ICIS news]
TOKYO (ICIS)--Japanese chemical producer Mitsubishi Gas Chemical (MGC) on Tuesday posted an 82% increase in its first-quarter net profit to yen (Y) 7.05bn ($91.4m) from Y3.87bn in the corresponding period a year earlier, on increased equity-method income at its overseas subsidiaries including a methanol producer, the company said.
Operating profit in the three months to 30 June 2011, however, declined by 11% to Y5.56bn from Y6.27bn, partly because of weak domestic demand influenced by the 11 March earthquake in northeastern ?xml:namespace>
MGC’s net sales for the first quarter were up by 4% to Y115.4bn from Y110.9bn.
In the aromatics segment, the company’s first-quarter ordinary profit was Y420m, reversing an ordinary loss of Y428m in the period a year ago, while net sales rose by 16% to Y32.3bn year on year.
This was partly because of improved sales and profits of metaxylene diamine, MX-nylon and aromatic aldehyde that came from increased demand in the
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