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The operating profit of Mitsubishi Chemical Corporation, the largest chemical company in Japan, fell 2.8% year-on-year to 125 billion yen, and net sales rose 11.7% from the same period last year, from 2622.8 billion yen to 29298 billion yen. The company said that this is mainly due to the soaring crude oil and naphtha prices and the stagnation of prices of some products overseas markets. The company’s operating profit from its petrochemical business fell 68.3% year-on-year to 9.2 billion yen, net sales rose 13.4% year-on-year to 143.19 billion yen, and its operating profit for the functional chemicals business decreased 5.3% year-on-year to 55.4 billion yen. Net sales revenue increased by 1.7% year-on-year to 924.3 billion yen.
Japan's second-largest chemical company Mitsui Chemicals' operating profit fell 15.8% year-on-year to 77.2 billion yen, net sales rose 5.8% to 17.8 billion yen, and net profit fell sharply to 52.5% to 24.8 billion yen. Functional materials business operating profit increased by 38.6% year-on-year to 35.9 billion yen, net sales increased slightly to 504.1 billion yen, and basic chemicals business operating profit dropped by 36.9% to 33.5 billion yen. The main reason for the decline was the weak demand for China's refined terephthalic acid market and the delayed price increase of polyethylene and polypropylene products.
Affected by the decrease in profitability of the residential and construction materials business, the operating profit of the Asahi Kasei Corporation in last financial year fell by 0.1% year-on-year. Net sales rose 4.5% year-on-year to 1,166.8 billion yen, while net profit rose only 2% year-on-year to 69.9 billion yen. Chemicals business operating profit increased by 15.3% year-on-year to 65.2 billion yen, net sales revenue increased by 9.2% to 879.2 billion yen; chemical fiber business operating profit increased by 73.9% year-on-year to 7.2 billion yen, net sales increased by 7% year-on-year % reached 114.1 billion yen.
Nippon Shokubai's operating profit fell 5.4% year-on-year to 18.4 billion yen, net sales rose 13.6% year-on-year, and net profit fell 15.1% year-on-year to 11.9 billion yen. The annual operating profit of the company's basic chemicals business increased by 24.5% year-on-year, net sales increased by 11.9% year-on-year to 109.3 billion yen, and net sales revenue of the functional chemicals business increased by 10.3% year-on-year to 155.9 billion yen. This is due to the increase in sales revenue for most products, including high water-absorbent resins, maleic anhydride, and detergent raw materials.
Japan Teijin’s operating profit decreased by 13.2% year-on-year to 65.2 billion yen, mainly due to the poor condition of the film market, especially the US film market. The company's sales revenue increased slightly year-on-year, with net profit falling 63% year-on-year to 12.6 billion yen. Synthetic fiber business operating profit increased by 41% year-on-year to 24.4 billion yen, net sales increased by 8.3% to 317.6 billion yen; film and plastics business operating profit fell sharply to 40.2%, dropped to 20.2 billion yen, net sales revenue The year-on-year increase was 2.1% to 293.8 billion yen.
Affected by the poor profitability of some functional products, Tosoh’s operating profit for the fiscal year last year fell slightly by 1.9% to 59.1 billion yen, net sales increased by 6% to 8274 billion yen, and net profit decreased by 11.6% year-on-year. To 25.2 billion yen. Among them, petrochemical business operating profit increased by 6.9% year-on-year to 15 billion yen, net sales increased by 11.8% year-on-year to 270.9 billion yen; basic raw materials business operating profit fell sharply by 56.1% year-on-year to 2.7 billion yen, net sales growth 1.8% to 195.8 billion yen.
Raw material prices soared Japanese chemical company profits shrink
Affected by soaring raw material prices, as of March 31st last fiscal year, the earnings of Japan's major chemical companies have generally declined.