Japan's Marubeni posts 3% decrease in chemicals Q1 profit

07 August 2013 08:53  [Source: ICIS news]

TOKYO (ICIS)--Marubeni recorded a 3% year-on-year decrease in its first-quarter profit in the chemicals segment to yen (Y) 2.28bn ($23.3m), mainly because of a deterioration of profits in the petrochemical product business, the Japanese trading firm said on Wednesday.

Gross trading profit in the chemicals segment during April-June 2013 fell by 20% to Y6.16bn from the same period a year earlier, the firm said in a statement.

Three-month profit in the energy segment stood at Y9.0bn, up by 7.4% from the previous year, while its gross trading profit increased by 7.6% to Y14.2bn.

Overall profit of Marubeni for the three months was at Y64.1bn, an 18% increase from the year earlier, while its gross profit increased by 13% to Y161.6bn.

The company's operating profit for the same period was up by 16% year on year to Y51.1bn.

($1 = Y97.69)

By: Tomomi Yokomura
+65 6780 4359

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