25 July 2013 09:46 [Source: ICIS news]
TOKYO (ICIS)--Shin-Etsu Chemical’s first-quarter net profit increased 20% year on year to yen (Y) 32bn ($319m), backed by the strong performance of its US subsidiary, the Japanese producer said on Thursday.
Its operating profit for the three months to 30 June 2013 rose by 13% to Y45.5bn, while net sales inched up by 1.6% to Y270.9bn, the company said in a statement.
In the polyvinyl chloride (PVC) and chemicals segment, first-quarter operating profit jumped by 71% to Y16.9bn, with sales up by 20% to Y102.4bn, largely due to robust shipments by its US subsidiary Shintech to central and South America, Shin-Etsu said in a statement.
In the silicone segment, operating profit in the June quarter declined 6% to Y7bn although sales increased by 7.5% to Y34.7bn, the company said.
($1 = Y100.21)
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