08 August 2012 12:52 [Source: ICIS news]
TOKYO (ICIS)--Japan-based chemical producer Kaneka Corp on Wednesday posted a 17% decrease in its first-quarter net profit to yen (Y) 1.83bn ($233.5m) from the same period last year on lower profits in its functional plastics and expandable plastics segments.
Net sales for the three months ended 30 June 2012 were down 1.1% year on year to Y117.7bn, while operating profit rose 6.5% to Y3.87bn, the company said.
In the group's chemicals segment, first-quarter net sales rose 7.5% to Y24.4bn from the year-before period, while operating profit increased 27% to Y1.29bn because of higher sales volumes of specialty polyvinyl chloride (PVC) resins in Japan and overseas, Kaneka said.
($1 = Y78.36)
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