Asahi Kasei posts Q1 FY20 sales of ¥455 bn

19 Aug '20

1 min read

Pic: Asahi Kasei Corporation

Asahi Kasei Corporation, a global Japanese chemical company, has reported 9.3 per cent sales decline to ¥455.1 billion (Japanese yen) during first quarter (Q1) FY20 ended on June 30, 2020 compared to sales of ¥502.0 million in same period last year. Company’s operating income for the quarter fell 27.2 per cent to ¥30.1 billion (Q1 FY19: ¥41.3 million).

Ordinary income for the quarter was ¥30.2 billion (¥43.9 billion). Net income attributable to owners of the parent were $13.5 billion (¥24.3 billion). Gross profit for Q1 FY20 was ¥149.8 billion (¥162.7 billion). Selling, general and administrative expenses were marginally down to ¥119.7 billion (¥121.3 billion).

Company stated that basic materials operating income decreased during the quarter with reduced shipment volumes, effects of lower market prices for petrochemical feedstocks on inventories, and deteriorated terms of trade for acrylonitrile (AN). While, operating income for performance products came down as an effect of broad declines in demand among automobile-related markets and apparel-related markets.

Fibre2Fashion News Desk (JL)

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