The profits of Japan's four largest chemical giants fell sharply again

For the fiscal year ending March 31, 2012, the Japanese economy has experienced a trend of a sharp decline. In the first half of the fiscal year, although Japan was affected by the “3.11” earthquake in Japan, the Japanese economy showed signs of a gradual recovery driven by the rebuilding of the supply chain and the increase in personal consumption. However, the Japanese Yen continued to be strong in the second half of the year and the European debt crisis. As a result of the slowdown in overseas economic growth and the impact of flooding in Thailand, Japan’s economy has returned to a downturn. In this economic environment, the profits of Mitsubishi Chemical, Sumitomo Chemical, Mitsui Chemicals, and Asahi Kasei Chemicals once again fell sharply.

Japan’s largest chemical giant Mitsubishi Chemical Corporation’s net profit last fiscal year fell sharply by 57.5% to 35.5 billion yen (US$446 million); sales revenue rose 1.3% year-on-year to 3.2 trillion yen; Profit fell by 42.3% year-on-year to 13.36 billion yen. Mitsubishi Chemical’s sales revenue from its chemical business increased by 12.5% ​​year-on-year and rose to 1 trillion yen; operating profit decreased by 72% year-on-year to 14.8 billion yen, mainly due to the decline in product profitability. In the previous fiscal year, Mitsubishi Chemical’s ethylene production decreased by 18.6% year-on-year to 9.275 million tons, mainly due to the damage to the olefins plant in Kashima during the earthquake and the decline in demand in the second half of the fiscal year.

Japan's second-largest chemical company Sumitomo Chemical's net profit fell 77% year-on-year, dropping to 5.58 billion yen; sales revenue fell 1.7% year-on-year to 1.94 trillion yen. Sumitomo Chemical's sales revenue from its petrochemicals and plastics business increased by 3.4% year-on-year to approximately 672.4 billion yen; operating profit fell by 44.7% year-on-year to 6.15 billion yen. The sales revenue of the company's basic chemicals business decreased by 5.9% year-on-year to 28.43 billion yen; operating profit fell 54.6% year-on-year to 9.3 billion yen. Sumitomo Chemical said that in the last fiscal year, the global economy remained sluggish. On the one hand, the economies of the developed countries were unable to recover due to the impact of the European debt crisis. On the other hand, the economic growth of the emerging economies began to slow down. Affected by the continued strength of the Japanese Yen and other factors, the Japanese economy has also been sluggish.

In the previous financial year, Japan Mitsui Chemicals had a net loss of 1 billion yen (12.5 million U.S. dollars). In the previous fiscal year, the company achieved a net profit of 24.9 billion yen; the company’s sales revenue increased by 4.4% year-on-year to 1.45 trillion yen. In the previous fiscal year, Mitsui Chemicals' petrochemical business revenue increased by 5.8% year-on-year to 459.4 billion yen, but operating profit fell 27% year-on-year to 9.3 billion yen. In the same period, Mitsui Chemicals' basic chemical business revenue increased 8.5% year-on-year to 472.9 billion yen; operating profit fell 56.3% year-on-year to 8.9 billion yen.

Asahi Kasei’s net profit in last fiscal year fell by 7.5% year-on-year to 55.7 billion yen ($699 million). Sales revenue increased 1.1% year-on-year to 1.57 trillion yen, which was mainly stimulated by strong domestic business performance. In the previous fiscal year, Asahi Kasei’s sales revenue from its chemical business fell by 2.8% year-on-year to 690.1 billion yen; operating profit fell 30.9% year-on-year to 44.5 billion yen.

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