Mitsubishi Gas Chemical posts 19% drop in 9-month net profit

05 February 2014 07:30 Source:ICIS News

TOKYO (ICIS)--Japan’s Mitsubishi Gas Chemical posted a 19% decrease in its nine-month net profit to yen (Y) 13.2bn ($130m) from a year earlier, primarily due to losses in its polycarbonate (PC) subsidiary in China, the chemical company said in a statement on Wednesday.

Operating profit for the nine months to 31 December 2013, however, rose by 27% year on year to Y12.0bn, with net sales up by 14% to Y397.4bn.

In the natural gas chemicals segment, ordinary profit rose by 24% to Y14.7bn from the previous year, while net sales increased by 16% to Y130.4bn, partly owing to improved market prices for methanol, the company said.

Ordinary profit in the aromatic chemicals segment stood at Y3.29bn, swinging from a loss of Y956m a year earlier, while net sales increased by 15% to Y109.5bn.

($1 = Y101.62)

By Tomomi Yokomura