15 October 2012 11:10 [Source: ICIS news]
TOKYO (ICIS)--Japanese chemical producer Ube Industries has lowered its six-month net profit forecast to yen (Y) 8.0bn ($102m), down by 16% from its previous projection of Y9.5bn in May, due to a sluggish caprolactam market, the company said in a statement on Monday.
The company now expects its operating profit for the six months to 30 September 2012 to be Y16bn, representing an 11% decline from the previous forecast of Y18bn, according to Ube.
Weaker demand for its performance and fine chemicals also prompted the earnings revision, it said.
In April-September 2011, the company posted a net profit of Y12.2bn, with operating profit at Y22.6bn.
Ube has also lowered its year-to-March 2013 net profit forecast to Y16bn, down by 30% from its previous estimate, the company said.
The company projects its full-year operating profit at Y36bn, down by 23% from Y47bn previously.
In year to March 2012, Ube’s net profit was Y23.0bn, while its operating profit was Y46bn.
($1 = Y78.46)
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