Japan's Showa Denko's Q1 net profit doubles to $66m

27 April 2012 09:16  [Source: ICIS news]

TOKYO (ICIS)--Japanese chemical producer Showa Denko said on Friday its first-quarter net profit doubled to yen (Y) 5.33bn ($65.8m) partly on the back of improved performance in the electronics segment as chemical earnings slumped.

This compares with a net profit of Y2.58bn in the same period a year earlier.

Showa Denko’s sales rose by 6% year on year to Y181.4bn in the first three months of 2012, while operating profit grew by 2% to Y9.54bn, the company said in a statement.

Operating profit at the firm’s petrochemical segment fell by 97% to Y73m in the first quarter, while sales declined by 20% to Y47.1bn, it said.

Earnings at the petrochemical segment were weighed by reduced ethylene output as its plant at Oita has been shut since March this year because of a technical glitch.

($1 = Y81)

By: Tomomi Yokomura
+65 6780 4359

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