Japan's Daicel posts 23% decrease in full-year net profit

10 May 2012 10:42  [Source: ICIS news]

TOKYO (ICIS)--Japanese chemical producer Daicel on Thursday posted a 30% decrease in its full-year net profit to yen (Y) 11.8bn ($14.8m) from Y16.8bn a year earlier due partly to the quake-related losses.

Daicel registered an extraordinary loss of Y434m during the full year to 31 March 2012, primarily in losses in the automotive air bag inflator business caused by the earthquake which hit northeastern Japan on 11 March 2011, the company said.

Operating profit during the full year declined 38% year on year to Y20.4bn from Y32.7bn, while net sales were down 3.3% to Y341.9bn from Y353.7bn.

Full-year operating profit in the synthetic resins segment decreased 32% to Y9.87bn from a year earlier, while net sales fell 2.5% to Y133.6bn, partly owing to the impact of the earthquake and a decline in demand for engineering plastics for the electronic products, Daicel said.

($1 = Y80)

By: Tomomi Yokomura
+65 6780 4359

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