01 August 2012 09:41 [Source: ICIS news]
TOKYO (ICIS)--Japanese chemical producer Showa Denko has recorded a net profit of yen (Y) 7.88bn ($100.8m) for the first six months of the year, up by 0.9% year on year in the absence of the extraordinary losses posted in the same time in 2011, the company said on Wednesday.
These extraordinary losses were incurred following the 11 March earthquake last year, the company said in a statement.
Its operating profit for 1 January-30 June 2012, however, declined by 28% year on year to Y16.0bn, while net sales fell by 15% to Y352.3bn, according to the statement.
Its petrochemicals segment’s six-month net sales fell by 43% year on year to Y72.6bn, with an operating loss of Y2.19bn, compared with an operating profit of Y4.08bn in January-June 2011, the company said.
This was partly because Showa Denko’s production of ethylene significantly fell during the six months from the year-ago period as the producer was suspended its ethylene production from March to early June this year due to a technical glitch, the company said.
($1 = Y78.14)
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