Japan’s Mitsubishi Chem H1 profit shrinks 91% on weak China demand

01 November 2012 05:57  [Source: ICIS news]

TOKYO (ICIS)--Japan’s Mitsubishi Chemical Holdings (MCHC) said on Thursday its six months to September 2012 net profit fell by 91% year on year to yen (Y) 3.32bn ($42m), largely on weaker demand in China and a stronger yen.

Net sales for April-September 2012 slipped by 2.6% year on year to Y1,530bn, while operating profit fell by 57% to Y41.1bn, the company said in a statement.

In the chemicals segment, net sales for the six-month period were down by 4.8% year on year to Y433.6bn, resulting in an operating loss of Y5.38bn – a reversal of the Y19.4bn profit in the same period last year, Mitsubishi Chemical said.

($1 = Y79.79)

By: Tomomi Yokomura
+65 6780 4359

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