Japan's Mitsui Chemicals posts Y8.15bn net loss in full year

10 May 2013 05:47  [Source: ICIS news]

TOKYO (ICIS)--Mitsui Chemicals posted a net loss of yen (Y) 8.15bn ($81m) in a full year to 31 March 2013, worsening from a loss of Y1.01bn in the previous year, the Japanese chemical producer said on Friday.

The increase in its net loss was mainly due to sluggish global demand and an impact of last year’s accident at its Iwakuni-Ohtake works, the producer added.

The company’s full-year operating profit fell by 80% year on year to Y4.29bn, while its net sales was down by 3.3% to Y1,406.2bn, according to the producer.

Operating profit in the petrochemicals segment declined by 14% to Y7.67bn from the year earlier, while net sales rose by 1.4% to Y605.3bn, as the sales volume of polypropylene (PP) increased overseas, although the sales volume of polyethylene (PE) decreased, the producer said.

Operating profit in the basic chemicals segment recorded a full-year operating loss of Y18.9bn, swinging from a profit of Y8.59bn, partly because of the impact of the Iwakuni-Ohtake accident, which occurred in April 2012, the producer said.

($1 = Y100.67)

By: Tomomi Yokomura
+65 6780 4359

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