Japan's Mitsubishi Chemical Holdings swings to Q1 net loss

01 August 2012 08:20  [Source: ICIS news]

TOKYO (ICIS)--Japanese chemical producer Mitsubishi Chemical Holdings Corp (MCHC) reported on Wednesday a first-quarter 2012 net loss of (Y) 5.58bn ($71.4m), compared with a net profit of Y24.5bn in the same period last year, weighed by sluggish demand from overseas markets.

The company’s overall sales for the first-quarter period ending 30 June fell by 1.6% year on year to Y760.3bn, while its operating profit slumped 74% to Y15.6bn, the company said in a statement.

The firm’s chemical segment posted a marginal rise in its first-quarter net sales to Y219.6bn from Y218.7bn in the same period a year earlier, it said.

The segment swung to a first-quarter operating loss of Y7.7bn, compared with an operating profit of Y16bn in the same period in 2011, the firm said.

MCHC’s production of ethylene more than doubled to 246,000 tonnes in the three months to 30 June 2012 compared with the same period a year earlier, the producer added.

($1 = Y78.1)

By: Tomomi Yokomura
+65 6780 4359

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