Japan's Itochu energy & chemicals ops Q1 net profit slumps 52%

01 August 2013 09:13  [Source: ICIS news]

TOKYO (ICIS)--Itochu Corp’s energy & chemicals business posted a 52% year-on-year decline in net profit to yen (Y) 4bn ($41m) on lower crude prices, and scheduled maintenance at its methanol facilities, the firm said on Thursday.

Gross trading profit for the segment during the three months to 30 June 2013 decreased by 2.7% year on year to Y39.4bn, the company said in a statement.

For chemical products, net profit fell by 9.4% to Y2.9bn, while gross trading profit rose by 5.2% to Y16.3bn.

Itochu’s overall first-quarter net profit increased by 9.4% year on year to Y77.3bn, while its trading income was unchanged at Y54.5bn, it said.

Overall revenue for the June quarter increased by 20% to Y206.5bn, the company said.

($1 = Y97.73)

By: Tomomi Yokomura
+65 6780 4359

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