Japan's Ube Industries swings to Q1 net loss, net sales slip 1.4%

06 August 2013 10:14  [Source: ICIS news]

TOKYO (ICIS)--Ube Industries posted a first-quarter net loss of yen (Y) 271m ($3m), reversing a Y2.34bn profit made in the same period last year, partly on sluggish overseas demand, the Japanese chemical firm said on Tuesday.

Net sales for the three months to 30 June 2013 fell by 1.4% year on year to Y153.4bn, while operating profit fell by 79% to Y1.27bn, Ube said in a statement.

In the chemicals and resins segment, net sales were down 2.5% year on year to Y53.0bn, while the segment incurred an operating loss of Y2.9bn, compared with a profit of Y1.5bn recorded in the previous corresponding period.

This was partly because of weak prices of caprolactam and butadiene (BD), Ube said.

In the performance and fine chemicals segment, net sales declined by 0.9% year on year to Y15.7bn, while the segment recorded an operating loss of Y28m, compared with a profit of Y600m in the same period last year.

($1 = Y98.30)

By: Tomomi Yokomura
+65 6780 4359

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