Japan's Mitsui Chemicals posts Q1 net loss of Y2.16bn

07 August 2012 06:03  [Source: ICIS news]

TOKYO (ICIS)--Japan’s Mitsui Chemicals on Tuesday posted a first-quarter net loss of yen (Y) 2.16bn (€28m), compared with a net profit of Y12.3bn in the same period a year earlier, partly on the shutdown of its Iwakuni-Ohtake facility after an explosion.

The company registered an extraordinary loss of Y3.7bn during the April-June period, due mainly to loss as a result of the explosion at the Iwakuni-Ohtake plant, Mitsui Chemicals said in a statement.

The producer suspended operations of a substantial portion of the Iwakuni-Ohtake facility after the explosion and fire on 22 April 2012.

Most units at the site, with the exception of the resorcinol plant and some other plants, have since restarted, according to Mitsui Chemicals.

Operating profit in the three months to 30 June 2012 fell 68% year on year to Y6.94bn, while net sales declined 8.9% to Y352.3bn.

In the petrochemicals segment, first-quarter operating profit fell 42% to Y3.5bn from the year-before period, while net sales rose 6.1% to Y123.1bn.

This was due to the deterioration of the trading conditions while sales volume of polypropylene (PP) grew, Mitsui Chemicals said.

($1 = Y78.24)


By: Tomomi Yokomura
+65 6780 4359



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