Japan's Mitsubishi Chemical raises net income forecast by 90%

22 October 2013 09:27  [Source: ICIS news]

TOKYO (ICIS)--Japanese chemicals giant Mitsubishi Chemical Holdings Corp (MCHC) has raised its forecast for the six-month net profit by 90% to yen (Y) 14.5bn ($148m) from its previous projections, the company said on Tuesday.

MCHC last announced the forecast for its financial results for the six months ended 30 September in May 2013.

The increase in the net-profit forecast was due to extraordinary gains, partly because of a court ruling that the supply price paid for a pharmaceutical product, Remicade, in previous years were in excess and should be reduced, MCHC said in a statement.

On the other hand, the company lowered its forecast for six-month net sales by 3.0% to Y1,611.0bn, and the company's operating income is now predicted to be at Y51.5bn, a 9.6% decrease from the previous forecast, according to MCHC.

The adjustments were made because demand and market conditions for methyl methacrylate (MMA) and other petrochemical products are expected to decline from the period the previous forecast was made, the company said.

MCHC plans to announce its six-month financial results on 31 October 2013.

($1 = Y98.19)

By: Tomomi Yokomura
+65 6780 4359

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