31 October 2013 07:25 [Source: ICIS news]
TOKYO (ICIS)--First-half net profit of Mitsubishi Chemical Holdings Corp (MCHC) rose to yen (Y) 27.3bn ($277m) from Y3.32bn in the same period a year earlier, the Japanese chemicals giant said on Thursday.
The large increase is primarily because of a recovery in demand for display-related products including touch panels and reduction in costs, the company added.
Operating profit for the six months to 30 September 2013 rose by 25% year on year to Y51.4bn, while net sales increased by 5.3% to Y1,611.6bn, MCHC said in a statement.
In the designed materials segment, first-half operating profit doubled to Y22.4bn from Y10.5bn the previous year, while net sales was up by 7.5% to Y366.0bn partly because sales volume of flat panel display (FPD) film increased, the company said.
The chemicals segment recorded Y200m in the six-month operating profit, swinging from a loss of Y5.4bn in the same period a year earlier, while net sales increased by 3.9% to Y460.8bn, MCHC said.
This is partly because sales volume of terephthalic acid increased in India from the previous year, the company added.
($1 = Y98.56)
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