Japan's Mitsubishi Gas first-quarter net profit up 82% to Y7.05bn

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 Japan, MGC said.

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 US and Europe, MGC said.

($1 = Y77.1)

For more on Mitsubishi Gas Chemical, visit ICIS company intelligence

By: Tomomi Yokomura
+65 6780 4359

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