Mitsui Chemicals, Inc.(MITUF), a Japanese chemical manufacturer, on Thursday registered a decline in net profit, reflecting decreased sales revenue and a steep rise in other operating expenses.
The company, said: "This result was mainly due to the decrease in selling prices, which was resulting from the fall in raw material prices, such as naphtha, and the impact of exchange rate differences."
For the three-month period to June 30, Mitsui Chemicals posted a net income of JPY 729 million, or JPY 3.89 per basic share, less than JPY 17.889 billion, or JPY 94.09 per basic share, in the same period last year.
Profit before income taxes was JPY 9.953 billion as against JPY 29.273 billion last year. Operating income stood at JPY 12.753 billion, compared with JPY 27.202 billion a year ago. Other operating expenses increased to JPY 14.861 billion from JPY 4.680 billion a year ago.
The firm posted sales revenue of JPY 415.350 billion, down from JPY 449.471 billion in the previous year.
Looking ahead, the company expects a decline in first-half results.
For the six-month period to September 30, Mitsui Chemicals anticipates a net profit of JPY 7.5 billion, or JPY 40.03 per basic share, on sales revenue of JPY 818 billion.
For the six-month period to September 30, 2024, the company had reported a net profit of JPY 22.2 billion, or JPY 116.90 per basic share, on sales revenue of JPY 890.4 billion.
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