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Japan's Tosoh swings to Y6.43bn Q1 net profit

ICIS News : 1-Aug-13 08:19

TOKYO (ICIS)--Tosoh Corp posted a first-quarter net profit of Y6.43bn ($66m), reversing a Y2.74bn loss recorded in the same period last year, on weaker Japanese yen and increased export prices, the Japanese chemical firm said on Thursday.

Net sales in the three months to 30 June 2013 rose by 16% year on year to Y175bn, while operating profit stood at Y6.63bn, swinging from a loss of Y1.76bn in the previous corresponding period, the company said in a statement.

In the petrochemicals segment, net sales increased by 22% year on year to Y52.5bn, with operating profit up by more than three folds to Y2.53bn from Y718m.

This was partly because production and domestic shipments of olefin products including ethylene and propylene increased, while export conditions of cumene improved due to weaker yen, Tosoh said.

In the chlor-alkali segment, June-quarter net sales rose by 28% year on year to Y65.5bn, recording an operating profit of Y511m, swinging from a loss of Y5.05bn in the same period last year.

($1 = Y97.73)

By Tomomi Yokomura
+65 6780 4359

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