Home / Knowledge / News / Textiles / Sales down 8.9% at Mitsui Chemical in Q1 FY'12
Sales down 8.9% at Mitsui Chemical in Q1 FY'12
14
Aug '12
Mitsui Chemicals Inc reports consolidated financial result for the first quarter of FY2012. In the fiscal period under review (the three-month period from April 1, 2012 to June 30, 2012, hereafter called ‘the Quartet’), the operating environment remained severe despite a rebound in personal consumption, reflecting disaster recovery-related demand in Japan.

These harsh conditions were mainly attributable to ongoing economic disruptions caused by the European financial crisis: stagnant demand accompanying slower economic growth in China; a downturn in emerging markets; persistently high yen rates:-and rising raw material and fuel prices.

In addition, the explosion and fire at production facilities located in the Company's Iwakuni-Ohtake Works on April 22, 2012 resulted in the suspension of operations at a substantial portion of the facility.

Currently, plants in the Iwakuni area of the Works (with exception of the Resorcinol Plant, the cause of the accident, and some other plants) have resumed operations, having completed the confll1nation of safety and conditions as well as with approval from authorities. All plants in the Ohtake area have resumed routine operations.

Under these conditions, the Mitsui Chemicals Group reported the following operating results for the Quarter.

Net Sales decreased 34.4 billion yen, or 8.9%, compared with the first quarter of the previous fiscal year to 352.3 billion yen. This was mainly attributable to a 24.5 billion yen decrease in sales volume in the Basic Chemicals segment following the accident at the Iwakuni-Ohtake Works as well as a 9.9 billion yen decline in sales due to a market downturn in the Basic Chemicals segment.

Operating income was 6.9 billion yen, a decrease of 15.1 billion yen, or 68.4%, year on year. Despite the effect of the Company's cost-cutting efforts and a reduction in depreciation expenses due to a change in the depreciation calculation method, this decline was primarily the result of deterioration in terms of trade in the Petrochemicals and Basic Chemicals segments.

Ordinary income was 4.7 billion yen, a decrease of 18.6 billion yen, or 79.9%, year on year. This result largely reflected lower operating income and a 3.5 billion yen year-on-year decline in non-operating income due mainly to a decrease in equity in earnings of non-consolidated subsidiaries and affiliates.

Click here to read more details:

Mitsui Chemicals Inc

Must ReadView All

Textiles minister Smriti Irani at a press conference with minister of state for textiles, Ajay Tamta, the principal director general (M&C), PIB, AP Frank Noronha and other dignitaries. Courtesy: PIB

Apparel/Garments | On 23rd May 2017

Special package for knitwear coming soon: Irani

Union textiles minister Smriti Irani said that the government of...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search