Tosoh posts increase in profits

Tosoh posts increase in profits

11:39 AM, 30th May 2011
Tosoh posts increase in profits

 

TOKYO, JAPAN: Tosoh Corporation announced its consolidated results for the 2011 fiscal year, ended March 31, 2011. The company’s consolidated net sales amounted to ¥ 684.4 billion ($ 8.2 billion), up ¥ 55.7 billion or 8.9 per cent, from fiscal year 2010. Its operating income was ¥ 33.5 billion ($ 403.3 million), an increase of ¥ 20.5 billion or 157 per cent, from fiscal 2010. And the company’s ordinary income climbed ¥ 19.7 billion or 195.8 per cent, to ¥ 29.8 billion ($ 358.6 million).

 

Just before the year-end, Tosoh booked an extraordinary loss for damages and other expenses due to the Japan earthquake of March 11, 2011. The effect held net income for fiscal 2011 to ¥ 10 billion ($ 120.4 million), which is still an increase of ¥ 3.1 billion or 45.3 per cent, from a year earlier.

 

The Japanese economy strengthened during fiscal 2011 despite continued difficult employment conditions and declining personal incomes. Sustained economic growth globally prompted an increase in Japanese exports. Business conditions brightened primarily because of product price increases and strong demand in Asian markets.

 

Tosoh reorganized its business groups effective the first quarter of fiscal 2011. From its previous four petrochemical, basic, specialty and service Groups, the company now has five groups: the petrochemical, chlor-alkali, specialty, engineering and service groups.

 

Fiscal 2011 net sales for the petrochemical group rose ¥ 19.4 billion or 12 per cent, compared with group net sales for the year before, to ¥ 181.9 billion ($ 2.2 billion). The group’s operating income increased ¥ 2.5 billion or 31.6 per cent to ¥ 10.4 billion ($ 124.9 million).

 

For the chlor-alkali group net sales increased ¥ 10.1 billion or 4 per cent, year on year to ¥ 261.6 billion ($ 3.1 billion). The group’s operating income improved ¥ 10.8 billion; however, the group reported an operating loss of ¥ 3.5 billion ($ 41.8 million).

 

Net sales for the specialty group in fiscal 2011 amounted to ¥ 133.5 billion ($ 1.6 billion), an increase of ¥ 16.4 billion or 14 per cent, over the group’s net sales for the preceding fiscal year. The group posted a ¥ 5.6 billion or 37.2 per cent, gain in operating income to ¥ 20.3 billion ($ 244.4 million).

 

For the engineering group net sales were ¥ 67.7 billion ($ 814.2 million), an increase of ¥ 8.7 billion or 14.7 per cent, over the group’s net sales for fiscal 2010. The group achieved a ¥ 1.6 billion or 77.2 per cent, gain in operating income to ¥ 3.6 billion ($ 43.6 million).

 

In the service group’s net sales rose ¥ 1 billion or 2.7 per cent, over its net sales the year before, to ¥ 39.6 billion ($ 476.6 million). Group operating income was ¥ 2.7 billion ($ 32.2 million), an increase of ¥ 115 million or 4.5 per cent.

 

Given the problems caused by the earthquake in Japan, the outlook for the Japanese economy is uncertain. Tosoh expects disruptions in supply chains, a prolonged period of electric power shortages and restraint in personal consumption.

 

The Tosoh Group also faces the growing likelihood that crude oil prices will rise because of the political turmoil in the Middle East. Further, Tosoh’s projections for fiscal year 2012, ending March 31, 2012, call for net sales of ¥ 800 billion ($ 9.4 billion); operating income of ¥ 46 billion ($ 541.2 million); ordinary income of ¥ 44 billion ($ 517.6 million); and net income of ¥ 23 billion ($ 270.6 million).

(C) WOC News 

 

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