Japan's Mitsubishi Chemical Holdings full-year net profit down 58%

10 May 2012 08:39  [Source: ICIS news]

TOKYO (ICIS)--Japan’s Mitsubishi Chemical Holdings (MCHC) on Thursday posted a 58% decrease in its full-year net profit to yen (Y) 35.5bn ($44.38m) from Y83.6bn in the past year as a result of significant decrease in performance products and industrial materials demand.

Operating profit for the full year to 31 March 2012 decreased 42% to Y130.6bn from Y226.5bn, while net sales were up 1.3% to Y3,208.2bn from Y3,166.8bn, the country’s largest chemical producer said in a statement.

In the chemicals segment under the industrial materials domain, full-year operating profit fell 72% year on year to Y14.8bn, while net sales rose 13% to Y1,007.5bn.

This was because of a drastic decrease in the sales volumes of basic petrochemicals due to the influence of the 11 March 2011 earthquake and a decline in demand.

However, sales of terephthalic acid considerably increased due to an upward trend in the market owing to rising feedstock prices, MCHC said.

($1 = Y80)

By: Tomomi Yokomura
+65 6780 4359

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