Japan's Mitsubishi Gas Chem H1 net profit falls 33%

02 November 2012 09:20  [Source: ICIS news]

TOKYO (ICIS)--Japanese chemical producer Mitsubishi Gas Chemical (MGC) said on Friday its six months to September 2012 net profit fell declined by 33% year-on-year decline to yen (Y) 8.12bn ($101m) on losses from the revaluation of its investment securities.

Net sales in its fiscal first half inched up by 1.2% year on year to Y232.8bn, while operating profit decreased by 48% to Y3.93bn, MGC said in a statement.

In the aromatics segment, six-month net sales fell by 5.2% year on year to Y64bn, with an operating loss of Y600m – a reversal of Y700m profit in the same period last year, according to the company.

The company’s sales volume of metaxylene-based nylon declined and sale prices of purified terephthalic acid (PTA) fell, MGC said.

($1 = Y80.20)

By: Tomomi Yokomura
+65 6780 4359

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