05 November 2013 08:59 [Source: ICIS news]
TOKYO (ICIS)--ITOCHU posted a 23% year-on-year decrease to yen (Y) 11.5bn ($117m) in its first-half net profit in the energy and chemicals segment, the Japanese trading firm said on Tuesday.
The drop in profit was because of impairment losses in US oil and gas development-related companies in the first quarter of the current fiscal year, the company said.
Operating profit in the energy and chemicals segment from April-September 2013 fell by 19% to Y20.0bn from the same period a year earlier, ITOCHU said in a statement.
Overall net profit of ITOCHU increased by 16% to Y165.1bn in the first half, with operating profit up by 6.5% to Y119.4bn, according to ITOCHU.
($1 = Y98.55)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections