Japan's chemical companies have undergone major changes in their profitability

Thanks to the dual stimulus of strong market demand and rising sales prices, from April 1 to December 31, 2010 (the first three quarters of Japan's fiscal year), the profitability of Japan's major chemical companies changed dramatically and the results were very positive.

Mitsubishi Chemical's net profit, the largest chemical company in Japan, increased more than sevenfold year-on-year to 802.1 billion yen ($983 million). Sales revenue for the same period rose 33% year-on-year to 2.37 trillion yen. Mitsubishi Chemicals said that the strong earnings growth was mainly stimulated by the recovery of demand for its high-performance products and industrial materials business. The sharp increase in sales revenue was due to Mitsubishi Rayon becoming a subsidiary of the company in March 2010. During this period, sales revenue of chemical business of Mitsubishi Chemical increased by 17% year-on-year to 670 billion yen; operating profit jumped from 1 billion yen in the same period last year to 38.1 billion yen; output of ethylene rose by 14.6% year-on-year. To 910,000 tons.

Japan's second-largest chemical company, Sumitomo Chemical Co., increased its net profit nearly 12 times year-on-year to approximately 14.1 billion yen; sales revenue rose 28% year-on-year to 1.46 trillion yen. Sumitomo Chemical's sales revenue from its petrochemicals and plastics business increased by 41.5% year-on-year to 478 billion yen; operating profit reached 10 billion yen, compared with a loss of 3.78 billion yen in the same period last year. Sumitomo Chemical stated that the major reason for its significant growth in sales revenues for its petrochemical and plastics business is that the company’s joint operations with Saudi Aramco’s joint venture in Saudi Arabia have been operating normally. In addition, Sumitomo Chemical's basic chemical sales revenue increased by 27% year-on-year to 183 billion yen; operating profit reached 15.9 billion yen, compared with 647 million yen operating loss in the same period last year.

Asahi Kasei’s net profit increased more than doubled from the same period last year to 50.2 billion yen; sales revenue rose 13% year-on-year to 1.15 trillion yen. Sales revenue from the chemical business increased by nearly 23% year-on-year to 555 billion yen; operating profit more than doubled year-on-year and rose to 54 billion yen. Asahi Kasei stated that in the chemicals and derivatives business, the prices of acrylonitrile and adipic acid have remained high, mainly supported by strong demand in the Asian market. At the same time, the recovery in demand for automotive and electronics applications in the polymer product business stimulated strong growth in company sales revenue.

Toray Industries’ net profit was 43.8 billion yen, compared with a net loss of 19.4 billion yen for the same period last year. Sales revenue increased by 15% over the same period to 1.12 trillion yen. Toray Industries’ plastic and chemical sales revenue increased by 15.5% year-on-year to 280.5 billion yen; operating profit more than doubled to 18.8 billion yen.

Mitsui Chemicals has a net profit of 21 billion yen, a net loss of 32.5 billion yen in the same period of last year; sales revenue increased 18% year-on-year to 1.02 trillion yen. The sales revenue of Mitsui Chemicals' petrochemical business rose by 25% year-on-year to 321 billion yen; its operating profit reached 9.8 billion yen, which was a loss of 3.7 billion yen in the same period last year. Sales revenue from basic chemical business increased by 27% year-on-year to 314 billion yen; operating profit from negative 6.6 billion yen in the same period in 2009 to 12.3 billion yen in 2010.

Shin-Etsu Chemical's net profit increased by 50% year-on-year to 88 billion yen; sales revenue rose 20% year-on-year to 800.2 billion yen. The company's PVC and chlor-alkali business revenues were 213 billion yen and operating profits were 14 billion yen. Despite the depressed housing market in the United States, the company’s vinyl subsidiary Shintech in the United States still achieved very good sales. However, its PVC business in Japan still faces a severe situation, which is mainly due to rising raw material prices and the strong yen exchange rate leading to a drop in export earnings.

Teijin Corporation had a net profit of 20 billion yen, a net loss of 31.5 billion yen for the same period in 2009; sales revenue rose 8% year-on-year to 606 billion yen. Teijin said that the company's material business in 2010 was strongly stimulated by the recovery of market demand. The company's high-performance fiber business sales revenue of 76.8 billion yen, operating profit 2.4 billion yen, while in the same period in 2009 were 63 billion yen and negative 6.2 billion yen; sales of polyester fiber business income of 75.8 billion yen, business Profit is 1.4 billion yen.

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