Japan’s Mitsui Chemicals Q1 net profit falls 35% on quake losses

04 August 2011 06:55  [Source: ICIS news]

TOKYO (ICIS)--Japanese chemical producer Mitsui Chemicals said on Thursday its first-quarter net profit fell 35% year on year to yen (Y) 12.3bn ($160m), partly because of quake-related losses.

The company booked an extraordinary loss of Y1.3bn during the three-month period ending 30 June 2011, because of damage to operations inflicted by the 9.0-magnitude quake that hit northeastern Japan on 11 March.

Mitsui Chemicals’ operating profit for the period, meanwhile, surged 87% year on year to Y22.0bn, while net sales were up 24% to Y386.7bn.

Its petrochemicals segment recorded a first-quarter profit of Y6.09bn, up by 4.8% year on year, with net sales rising 8.7% to Y154.6bn.

($1 = Y76.90)

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By: Tomomi Yokomura
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