Japan's Mitsubishi Chemical yr-to-Mar net profit falls 48%

09 May 2013 07:44  [Source: ICIS news]

TOKYO (ICIS)--Mitsubishi Chemical Holdings Corp’s (MCHC) full-year net profit declined by 48% to yen (Y) 18.6bn ($188m), partly on sluggish demand from China, the Japanese producer said on Thursday.

Its operating profit for the year that ended 31 March 2013 fell by 31% year on year to Y90.2bn, while net sales down by 3.7% at Y3,089bn.

Its chemicals segment recorded a full-year operating loss of Y200m, swinging from a profit of Y14.8bn in the previous year, with sales falling 10% to Y903.6bn, the company said, citing a significant decline in the spread for terephthalic acid.

In the polymers segment, operating profit plummeted to Y100m from Y23.8bn the year before, despite a 2.6% increase in net sales to Y675.7bn.

($1 = Y98.82)

By: Tomomi Yokomura
+65 6780 4359

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