24 October 2013 13:44 [Source: ICIS news]
TOKYO (ICIS)--Japanese chemical producer Shin-Etsu Chemical on Thursday posted a 15% year-on-year increase in its six-month net profit to yen (Y) 63.8bn, partly supported by a growth in earnings of its US subsidiary.
Operating profit for the six months to 30 September 2013 rose by 10% to Y92.2bn ($948m) from the same time a year earlier, while net sales was up 6.6% to Y572.2bn, Shin-Etsu said in a statement.
In the polyvinyl chloride (PVC) and chlor-alkali segment, the six-month performance of the US subsidiary, Shintech, significantly grew because it maintained a high level of shipments of PVC within the US, where demand is steady, as well as to Central and South America, Shin-Etsu said.
As a result, operating profit in the segment rose by 41% year on year to Y34.1bn, while net sales increased by 20% to Y213.7bn, the company said.
In the silicones segment, on the other hand, six-month operating profit declined by 4.7% to Y14.2bn from the previous year, but net sales rose by 15% to Y75.6bn, Shin-Etsu said.($1 = Y97.3)
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