Japan's Maruzen posts 35% fall in 2011-2012 net profit

07 June 2012 12:32  [Source: ICIS news]

TOKYO (ICIS)--Maruzen Petrochemical posted a 35% decline in its full-year net profit to yen (Y) 1.94bn from Y2.98bn in the previous year partly because it was forced to shut its methyl ethyl ketone (MEK) plant for a year following the 11 March 2011 earthquake in Japan, the Japanese chemical producer said on Thursday.

The producer shut its 170,000 tonne/year MEK plant at Chiba after the earthquake and restarted it in April 2012.

Operating profit for the full year to 31 March 2012 fell 67% year on year to Y1.84bn ($23.2m) from Y5.58bn, while net sales increased 1.8% to Y383.4bn from Y376.7bn.

Maruzen’s production of all of its primary chemicals decreased during the full year compared with the previous year, according to the producer.

The company produced a total of 678,700 tonnes of ethylene in fiscal 2011 ended 31 March 2012, a 3.4% decrease from the previous year, while it produced 577,200 tonnes of propylene in the same period, down 0.5% year on year, based on Maruzen’s official data.

Its production of MEK dropped 97% to 5,000 tonnes during the full year from the year before, the data showed.

($1 = Y79.18)

By: Tomomi Yokomura
+65 6780 4359

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