Japan's Mitsubishi Chemical Holdings Q1 net profit swings to Y11bn

01 August 2013 08:47  [Source: ICIS news]

TOKYO (ICIS)--Japan’s Mitsubishi Chemical Holdings (MCHC) posted a first-quarter net profit of Y11bn ($112.6m), swinging from a loss of yen (Y) 5.58bn in the corresponding period of the previous year, on the back of recovering domestic demand and improved export environment, the company said in a statement on Thursday.

Net sales in the three months to 30 June, 2013 stood at Y781.3bn, up by 2.8% year on year, while operating profit rose by 51% to Y23.5bn.

In the designed materials segment, three-month net sales rose by 6% to Y177.2bn from the year earlier, while operating profit nearly tripled to Y11.1bn from Y3.8bn, due partly to continued strong sales in coating materials for automobiles, the producer said.

Net sales in the chemicals segment stood at Y223.3bn, a 1.7% year-on-year increase, while the segment recorded an operating loss of Y1.4bn, an improvement from a loss of Y7.7bn the previous year.

($1 = Y97.73)

By: Tomomi Yokomura
+65 6780 4359

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