15 May 2012 09:01 [Source: ICIS news]
TOKYO (ICIS)--TonenGeneral Sekiyu posted a 78% year-on-year decrease in its first-quarter net profit to yen (Y) 24.5bn (€308m) because of a fall in earnings from its chemicals segment, the Japanese refiner said on Tuesday.
Operating profit for the three months ending 31 March declined 84% year on year to Y30.4bn, while net sales were down 8.3% to Y723.5bn from Y668.1bn in the same period in 2011.
First-quarter operating profit in the group's chemicals segment fell 75% to Y2.10bn from the year-before period, despite net sales rising 5.3% to Y77.2bn.
TonenGeneral said the fall in the chemicals segment's operating profit was because chemical margins declined significantly from last lear, reflecting the absence of the strong paraxylene environment in the first quarter of 2011.
($1 = Y79.54)
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