30 July 2013 06:32 [Source: ICIS news]
TOKYO (ICIS)--Japan’s Sekisui Chemical first quarter net profit tripled to yen (Y) 6.86bn ($70m) from the same period a year earlier on the back of housing and performance plastics segments, the company said on Tuesday.
The producer had posted a net profit of Y2.02bn in the corresponding period a year earlier.
Operating profit for the first three months to 30 June, 2013 increased by 75% year on year to Y10bn, but net sales was down by 6.7% to Y242.5bn.
In the performance plastics segment, operating profit for the three months rose by 50% year on year to Y7.6bn partly because the market conditions in the automotive and IT sectors improved, Sekisui Chemical said.
Net sales in the segment decreased by 20% to Y83.4bn.
Operating profit in the housing segment increased by 28% year on year to Y5.7bn, while net sales were up by 2.8% to Y109m due to the robust housing market, the company said.
Sekisui Chemical has changed the end of a financial year for overseas consolidated subsidiaries to 31 March from 31 December.
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