Japan's Mitsui & Co swings to Y9.55bn H1 net profit for chems

05 November 2013 08:21  [Source: ICIS news]

TOKYO (ICIS)--Japanese trading firm Mitsui & Co posted on Tuesday a net profit of yen (Y) 9.55bn ($97m) for its chemicals business segment in the first half of 2013, reversing a net loss of Y953m a year earlier.

The rise in net profit was due partly to the recovery of underperforming trading activities of petrochemical materials, the company said in a statement.

Operating profit for its chemical business doubled to Y6.51bn from the previous year, according to Mitsui & Co.

Net profit for its energy segment stood at Y94.0bn, a 19% year-on-year increase, while its operating profit was down by 8.0% at Y64.7bn, partly because selling, general and administrative expenses increased, the firm said.

Overall net profit of Mitsui & Co rose by 17% year on year to Y197.2bn, with operating profit up by 8.7% to Y146.0bn.

($1 = Y98.55)

By: Tomomi Yokomura
+65 6780 4359

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