Mitsubishi Corp posts 41% decline in chemicals 9-month net profit

01 February 2013 07:20  [Source: ICIS news]

TOKYO (ICIS)--Japanese trading firm Mitsubishi Corp has posted a 41% year-on-year decrease in its nine-month net profit to yen (Y) 18.5bn ($202m) in its chemicals segment mainly due to lower earnings at a petrochemical-related subsidiary, the company said on Friday.

"The decrease in net profit in the chemicals segment was mainly due to lower ernings on transactions at the Parent and a petrochemical business-related company, and the absence of bargain purchase gains from the acquisition of a plastic business subsidiary recorded in the corresponding period of the previuos fiscal year," Mitsubishi said in a statement.

Gross profit in the chemicals segment during the nine months to 31 December 2012 increased by 8.7% to Y68.9bn in December 2012 from the same period a year earlier, while operating transactions rose by 2.5% to Y1,707.8bn, the company said.

Mitsubishi Corp’s overall nine-month net profit declined by 23% to Y283.6bn from the previous year, while operating profit fell by 62% to Y87.7bn, it added.

Its overall operating transactions were down by 2.9% year on year to Y14,736.3bn.

($1 = Y91.37)

By: Tomomi Yokomura
+65 6780 4359

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