Japan's Asahi Kasei full-year net profit down 7.5% at $698m

09 May 2012 07:52  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s Asahi Kasei on Wednesday reported a 7.5% year-on-year fall in its full-year net income to yen (Y) 55.8bn ($698m), amid high feedstock costs.

The chemical maker’s net sales rose by 1.1% year on year to Y1,573bn in the full-year period ending 31 March, while operating income fell by 15.2% year on year to Y104.3bn, the company said in a statement.

Its chemical segment’s sales slipped by 2.8% year on year to Y680.1bn in the same period, while operating income decreased by 30.9% to Y44.5bn.

Operating income from chemicals and derivative products decreased as market demand in China and other Asian countries declined in the second half of the fiscal year, the company said.

“Terms of trade for monomer products such as acrylonitrile and adipic acid deteriorated significantly due to high prices for naphtha and other feedstocks and the strong yen,” it said.

“Operating income from polymer products increased as engineering plastics recovered in the second half after a downturn following the Great East Japan Earthquake, and synthetic rubber for tires performed well,” it added.

For the fiscal year ending 31 March 2013, the company expects its net income to grow by 19.2% year on year to Y66.5bn, with sales up by 13.2% at Y1,781bn, the company added.

($1 = Y80)

By: Nurluqman Suratman

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