05 February 2013 05:03 [Source: ICIS news]
TOKYO (ICIS)--Japan’s Mitsubishi Chemical Holdings Corp (MCHC) recorded a 71% year-on-year decline in its nine-month net profit to yen (Y) 9.16bn ($99m) due to sluggish demand in overseas markets including China and continued appreciation of yen, it said on Tuesday.
Operating profit for April-December 2012 declined by 41% to Y73.5bn from the same period a year earlier, while net sales fell by 2.2% to Y2,305.8bn.
The chemicals segment recorded an operating loss of Y2.4bn during the nine-month, swinging from an operating profit of Y18.2bn in the previous year, mainly due to a significant shrinkage in spreads between teraphthalic acid (TPA) products and feedstocks, the company said.
Net sales in the chemicals segment were down by 5.4% to Y665.8bn.
($1 = Y92.42)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections