Home / Knowledge / News / Textiles / Tosoh sales down 9.6% in nine months of FY'13
Tosoh sales down 9.6% in nine months of FY'13
20
Feb '13
Tosoh Corporation is pleased to announce its consolidated results for the first nine months of its 2013 fiscal year. The company’s consolidated net sales for the period ended December 31, 2012, amounted to ¥474.4 billion (US$5.9 billion), a decline of ¥50.7 billion, or 9.6%, from the same nine-month period a year earlier.

Operating income was ¥11.8 billion (US$147 million), a decrease in operating income of ¥9.0 billion, or 43.5%, from the same period in fiscal 2012. Ordinary income, meanwhile, fell ¥3.2 billion, or 17.9%, to ¥14.5 billion (US$182 million). Net income for the first nine months of fiscal 2013 totaled ¥5.5 billion (US$69 million), a decline of ¥1.5 billion, or 21.8%, from the same period in fiscal 2012.

Tosoh continued to deal with harsh conditions during the first nine months of its 2013 fiscal year. The Japanese economy demonstrated signs of recession despite being buoyed by domestic demand from earthquake recovery projects. This was largely because of a drop in external demand related to stagnation in European economies and a slowdown in China’s economy.

The company’s consolidated sales during the nine months under review suffered from more than declining demand. Tosoh also faced a softening of overseas market prices and the ongoing fallout from the accident at its Nanyo Complex’s No. 2 Vinyl Chloride Monomer Plant in November 2011.

Declining unit sales and worsening trade conditions resulting from softening market prices for ethylene and other products in turn eroded operating income for the period under review. Only a reversal of the yen’s prolonged appreciation in the latter half of the period mitigated the drop in ordinary income by improving foreign exchange translation adjustments.

Results by business segment

Petrochemical Group

Petrochemical Group net sales for the first nine months of fiscal 2013 contracted ¥14.8 billion, or 9.7%, compared with group net sales for the same period the year before, to ¥138.5 billion (US$1.7 billion). The group’s operating income slid ¥3.1 billion, or 30.0%, to ¥7.2 billion (US$90 million).

Shipments of ethylene, propylene, and other olefins contracted because of lower production volume resulting from scheduled plant maintenance and other factors. Shipments of cumene also declined because of the impact of scheduled plant maintenance and as a result of a drop in demand for derivatives.

Polyethylene resin shipments were at low levels, particularly in the domestic market. Among other factors, the decline can be attributed to reduced shipments of ethylene vinyl acetate copolymer because of dropping demand for sealant film for solar cells and an increase in competitive imports. Shipments of chloroprene rubber decreased because of falling demand from Europe and Asia.

Chlor-alkali Group

The Chlor-alkali Group’s net sales for the first three quarters of fiscal 2013 decreased ¥25.4 million, or 13.2%, compared with net sales over the same period a year earlier, to ¥166.1 billion (US$2.1 billion). The group improved its operating income by ¥1.3 billion from the nine-month period a year before but still recorded an operating loss of ¥4.7 billion (US$59 million).

Must ReadView All

Courtesy: Applied DNA Sciences

Apparel/Garments | On 24th Feb 2017

SigNatureT DNA can help prevent apparel counterfeiting

SigNatureT DNA is forensic molecular tag by Applied DNA Sciences...

Textiles | On 24th Feb 2017

Pakistan's textile exports down 1.54% in July-Jan FY17

The value of textile and garment exports made by Pakistan decreased...

Courtesy: The Irish News/Christian Cowan (Google)

Fashion | On 24th Feb 2017

Google & Christian Cowan create 'really blue' jeans

Google has partnered with British fashion designer Christian Cowan to ...

Interviews View All

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search