08 May 2013 11:50 [Source: ICIS news]
TOKYO (ICIS)--Showa Denko’s first-quarter net profit declined by 24% year on year to yen (Y) 4.08bn ($41m), partly on lower valuation of its rare earth inventory, the Japanese chemical firm said on Wednesday.
Operating profit for the first three months ending March 2013 was down 65% to Y3.38bn from the previous year, while net sales increased 6.1% to Y192.5bn.
In the petrochemicals segment, first-quarter operating profit skyrocketed to Y937m from Y73m in the previous year, with net sales rising 40% to Y65.9bn.
In the chemicals segment, operating profit jumped 42% to Y804m on a 3.1% increase in net sales fell to Y29.7bn.
($1 = Y99)
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