Japan's Showa Denko posts 73% decrease in six-month net profit

01 August 2013 10:57  [Source: ICIS news]

TOKYO (ICIS)--Showa Denko’s net profit fell 73% year on year to yen (Y) 2.16bn ($22.1m) in the first half of this year, weighed partly by lower earnings at its electronics segment, the Japanese producer said on Thursday.

Its overall net sales rose by 14% year on year to Y401.4bn in January-June this year, while operating profit was down by 58% at Y6.72bn, the company said in a statement.

In the electronics segment, operating profit declined by 53% year on year to Y8.36bn, while net sales was down by 23% at Y66.2bn.

The company’s chemicals business swung to an operating profit of Y559m in the period, compared with a loss of Y211m in the previous year, with sales down by 1.3% at Y61.9bn, it said.

The chemical segment was weighed by lower production of liquefied ammonia and sales of acrylonitrile (ACN) during the first six months of this year, according to the firm.

($1 = Y97.7)


By: Tomomi Yokomura
+65 6780 4359



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