16 February 2012 09:07 [Source: ICIS news]
TOKYO (ICIS)--Japanese chemical producer Tosoh Corp on Thursday raised its forecast for the full-year net profit by 55% to yen (Y) 3.1bn ($40m) from the previous estimate as a result of a settlement of the nearly three-year dispute between Tosoh and Miyoshi Oil & Fat Co, the company said.
Tosoh expected its net profit for the full year ending 31 March 2012 to increase by Y1.1bn from the previous forecast of Y2.0bn, announced on 3 February 2012.
Tosoh now predicts its full-year net profit to be Y3.1bn, down 69% from Y10.0bn the previous year, while operating profit is expected to decrease 43% year on year to Y19.0bn from Y33.5bn, unchanged from the previous forecast, according to Tosoh.
The increase in full year net profit is attributed to withdrawal of an appeal by Miyoshi Oil & Fat against a court ruling in favor of Tosoh regarding Tosoh’s patent for fly ash chelating agents, Tosoh said.
However, Miyoshi filed an appeal to the court on 26 December against its decision, but decided to drop the appeal on 15 February, Tosoh added.
As a result, Tosoh plans to register an extraordinary profit of Y1.8bn in its full-year financial results, the producer said.
($1 = Y78.93)
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