Japan's Mitsui & Co posts 77% fall in chemicals Q1 net profit

02 August 2012 08:51  [Source: ICIS news]

TOKYO (ICIS)--Japanese trading firm Mitsui & Co recorded on Thursday a 77% year-on-year decline in its first-quarter net profit to yen (Y) 1.1bn ($14.0m) in its chemicals segment, with gross profit down by 27%.

The chemicals segment’s gross profit during the three months to 30 June 2012 declined to Y14.6bn, mainly due to underperforming trading activities in petrochemical materials and decreased sales volumes, the company said in a statement.

The segment posted an operating loss of Y200m, compared with an operating profit of Y5.9bn in the same period a year earlier.

Mitsui & Co’s overall net profit fell by 21% year on year to Y104.4bn, while operating profit was down by 19% year on year to Y72.0bn.

The company’s overall gross profit fell by 7% year on year to Y201.9bn.

($1 = Y78.50)

By: Tomomi Yokomura
+65 6780 4359

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