Tosoh recovers, back profits

Tosoh recovers, back to profits

12:22 PM, 9th June 2011
Tosoh recovers, back to profits

TOKYO, JAPAN: Tosoh Corporation announced its consolidated results for the first nine months of fiscal year 2011. The company’s net sales increased 9.4 per cent compared with its net sales in the same period of the previous fiscal year, to ¥ 495.9 billion ($ 6.1 billion). Its operating income climbed more than six times, to ¥ 20.9 billion ($ 256.7 million), while its ordinary income rose substantially, to ¥ 17.1 billion ($ 209.2 million), from ¥ 779 million a year earlier. Overall, Tosoh recorded net income of ¥ 6.7 billion ($ 81.8 million), up from a loss of ¥4.2 billion in the same period of fiscal 2010.

 

During the period from April 1, 2010, to December 31, 2010, the Japanese economy achieved a mild recovery on the strength of demand growth in China and other newly developing countries. Nevertheless, concern deepened over the future course of the economy because of such factors as the sharp appreciation of the yen against other currencies, stagnating share prices and signs of a slowdown in the global economy.

 

Tosoh re-organized 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. Also giving an outlook Tosoh projected for fiscal year 2011, ending March 31, 2011, net sales of ¥ 680 billion ($ 8.3 billion); operating income of ¥ 29 billion ($ 356 million); ordinary income of ¥ 26 billion ($ 319 million); and net income of ¥ 11 billion ($ 135 million).

© WOC News

 

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