Japan's Ube Industries Q1 profit falls as China capro sales slump

01 August 2012 11:22  [Source: ICIS news]

TOKYO (ICIS)--Japanese producer Ube Industries said on Wednesday its first-quarter net profit declined 53% year on year decline to yen (Y) 2.34bn ($30m), partly on significant declines in caprolactam sales volumes in China.

Operating profit in the three months to 30 June 2012 fell 30% year on year to Y6.08bn, while net sales increased 1.2% to Y151.3bn, the company said in a statement.

First-quarter earnings tend to be lower than the other quarters because the maintenance schedule of Ube Industries' chemical plants are concentrated in the April-to-June period, it said.

In the chemicals and plastics segment, three-month net sales rose 1.8% year on year to Y54.4bn, while operating profit declined 74% to Y1.5bn as caprolactam prices fell, Ube Industries said.

The company is a major capro producer in Asia.

($1 = Y78.14)

By: Tomomi Yokomura
+65 6780 4359

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