Japan's Asahi Kasei Q1 net profit increases six folds

02 August 2013 06:25  [Source: ICIS news]

TOKYO (ICIS)--Japan’s Asahi Kasei posted a six folds increase in its first quarter net profit to yen (Y) 19.6bn ($201m) from Y3.16bn in the same period a year earlier on strong housing business and increased sales volume of chemicals and pharmaceuticals, the company said on Friday.

Net sales in the three months to 30 June, 2013 rose by 18% year on year to Y430bn, while operating profit doubled to Y28.3bn from Y10.8bn, Asahi Kasei said in a statement.

In the chemicals segment, net sales grew by 20% to Y193.1bn from the year earlier, while operating profit doubled by Y10.2bn from Y4.3bn, partly owing to the depreciation of Japanese yen and improved market prices for styrene monomer (SM), the producer said.

In the fibres segment, net sales were up by 9.8% year on year to Y28.8bn, while operating profit tripled to Y2.2bn from Y600m.

($1 = Y97.73)

By: Tomomi Yokomura
+65 6780 4359

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