Japan's MCHC posts 71% fall in 9-month net profit on weak demand

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)

By: Tomomi Yokomura
+65 6780 4359

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