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Mitsubishi Chemical posts FY19 sales of ¥3,581 bn

08
Jun '20
Pic: Mitsubishi Chemical/ Soalon
Pic: Mitsubishi Chemical/ Soalon
Mitsubishi Chemical Holdings Corporation, a Japanese chemicals company, posted 6.8 per cent decrease in sales to ¥3,580.5 billion (Japanese Yen) during fiscal year 2019 ended on March 31, 2020 compared to sales of ¥3,840.3 billion in previous fiscal. Net income for the year fell from ¥216.7 billion in FY18 to ¥86.5 billion in the reported fiscal year.
 
In fiscal 2019, company reported that the business conditions remained adverse for due demand stagnated, particularly for semiconductor and automotive applications, amid prolonged US-China trade friction. Also, the Covid-19 pandemic in the fourth quarter constrained economic activity around the globe.
 
Operating income during the year dropped 38 per cent to ¥144.2 billion (FY18: ¥294.7 billion). 
 
Sales of Performance Products fell to ¥1,081.6 billion (¥1,155.4 billion) reflecting a downturn in what was a favourable market in the first half of the previous year for phenol-polycarbonate chain materials in advanced polymers, company stated. 
 
Sales revenue for Chemicals segment decreased to ¥1,057.1 billion (¥1,257.9 billion). However, sales volumes increased in petrochemicals because of a smaller impact from scheduled maintenance and repairs at the ethylene production facility, prices declined owing mainly to lower raw materials costs and other factors. 
 
Sales of Industrial Gases segment increased to ¥843.3 billion (¥732.8 billion) after including the performances of European and US businesses acquired in the second half of the previous fiscal year. .
 
Sales of Health Care segment fell to ¥413.1 billion (¥462.5 billion) reportedly due to lower royalty revenues and despite higher sales volumes in mainly priority products in domestic ethical pharmaceuticals. 
 
In its Outlook for the fiscal 2020, Mitsubishi Chemical expects its sales around ¥3,344.0 billion. It further expects ¥80.0 billion in net income.

Fibre2Fashion News Desk (JL)


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