Japan ethylene profits fall on higher, currency-driven imports

01 October 2013 12:49  [Source: ICIS news]

TOKYO (ICIS)--Combined ordinary profits of the petrochemical segments of 11 Japanese ethylene producers declined by 32% year on year to yen (Y) 67.9bn in a full year ended March 2013 partly because imports increased due to the appreciation of the yen, Ministry of Economy, Trade and Industry (METI) said on Tuesday.

Net sales fell by 1.3% to Y4,385.4bn from the previous year, owing to the economic crisis in Europe and a decline in demand from China and other emerging nations, the ministry said in a statement.

The 11 ethylene producers comprise Asahi Kasei Chemicals, Idemitsu Kosan, Osaka Petrochemical Industries (Mitsui Chemicals’ wholly-owned subsidiary), Showa Denko, JX Nippon Oil and Energy, Sumitomo Chemical, Tosoh, Tonen Chemical, Maruzen Petrochemical, Mitsui Chemicals and Mitsubishi Chemical.

Total operating profit was down by 35% year on year to Y46.0bn ($468m), METI said.

Recurring profit margin, meanwhile, was 1.5%, a 0.8 percentage point decrease from the previous fiscal year, according to METI.

($1 = Y98.23)

By: Tomomi Yokomura
+65 6780 4359

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