Japan’s Shin-Etsu April-December 2011 net profit down by 14.3%

26 January 2012 07:03  [Source: ICIS news]

TOKYO (ICIS)--Japanese chemical producer Shin-Etsu Chemical on Thursday posted a 14.3% decrease in its nine-month net profit to yen (Y) 75.6bn ($972m) from Y88.2bn in the corresponding period a year earlier, the company said.

This is partly because of the extraordinary losses incurred by the 11 March earthquake and tsunami disasters in northeastern Japan, the company said in a statement.

The company’s operating profit for the nine months to 31 December 2011 rose by 3.2% to Y117.6bn from Y114.0bn year on year, while its net sales fell by 1.3% to Y791.4bn from Y802.2bn, according to the statement.

Shin-Etsu recorded a nine-month operating profit of Y20.4bn for its polyvinyl chloride (PVC) and chemical products segment, up by 41.9% from the same period a year before.

The firm’s net sales increased by 16.0% to Y247.1bn, supported by the improved performances at its subsidiaries Shintech in the US and the Shin-Etsu PVC in the Netherlands, the producer said.

($1 = Y77.8)

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By: Tomomi Yokomura
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