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Mitsubishi Chemical Corporation, Japan’s largest chemical company, realized a net profit of 44 billion yen ($546.5 million) in the second and third quarter of this year, compared with a loss of 2.5 billion yen in the same period last year; sales revenue increased year-on-year. 37%, rose to 1.56 trillion yen. According to Mitsubishi Chemicals, the significant year-on-year growth in sales revenue was mainly driven by higher product prices and the recovery in demand for its performance products and industrial materials businesses. In addition, Mitsubishi Rayon became a subsidiary of Mitsubishi Rayon since March of this year and also contributed to the company's sales growth. In the first half of the fiscal year, Mitsubishi Chemical’s chemical business revenue increased by 17% year-on-year to 435 billion yen, operating profit of 21.9 billion yen, and a loss of 2.5 billion yen in the same period of last year. In the first half of the fiscal year, Mitsubishi Chemical's ethylene production increased by 21.3% year-on-year to 564,000 tons.
Japan’s second-largest chemical company, Sumitomo Chemical Co., made a net profit of 2.5 billion yen for the first half of the fiscal year, compared with a loss of 3.5 billion yen for the same period of last year; sales revenue increased 34.5% year-on-year to 9,809 billion yen. Among them, the sales revenue of the petrochemical and plastics business increased by 50.5% year-on-year to 317.5 billion yen; operating profit was 5.8 billion yen, compared with a loss of 3.6 billion yen in the same period of last year. Sumitomo Chemical Co., Ltd. said that the significant year-on-year increase in sales revenue of synthetic resin and petrochemical products was mainly affected by the operation of Saudi Aramco’s joint venture company in Saudi Arabia and Saudi Arabia, which began operations in April 2009. . In the first half of the fiscal year, Sumitomo Chemical's basic chemical business sales revenue increased 32% year-on-year to 124.4 billion yen; operating profit was 10.1 billion yen, compared with a loss of 1.7 billion yen in the same period last year.
Mitsui Chemicals Japan made a net profit of 17.1 billion yen in the first half of the fiscal year, compared to a net loss of 31.4 billion yen in the same period of last year; sales revenue increased by 22% year-on-year to 673 billion yen. In the first half of fiscal year, Mitsui Chemicals' petrochemical sales revenue increased by 30% year-on-year to 211.2 billion yen; operating profit from the loss of 6.7 billion yen in the same period last year to 6.2 billion yen this year. The sales revenue of basic chemical business increased by 32% year-on-year to 206 billion yen; operating profit was 6.5 billion yen, and the loss was 5 billion yen in the same period last year.
Mitsui Chemicals has implemented an institutional reorganization plan since April 1, 2010. The previous three business units were reorganized into six business units. The transformation from the previous large department system to the current small department system aims to respond to the market faster and more flexibly. Mitsui Chemicals’ petrochemical business has been separated from the basic chemical business; performance materials business has been broken down into polyurethane business, functional polymer materials business and processed products business; and advanced chemical business has also been restructured.
Japan’s other major chemical company, Asahi Kasei, realized a net profit of 28.5 billion yen in the first half of the fiscal year, an increase of more than 6 times compared to the same period of last year; sales revenue increased by 16% year-on-year to approximately 765 billion yen. According to Asahi Kasei, the good performance in the first half of the fiscal year was mainly due to the increase in product prices and demand. In the first half of the fiscal year, Asahi Kasei’s sales revenue from its chemical business grew by 24.4% year-on-year to 365 billion yen; its operating profit rose more than threefold year-on-year to 3.73 billion yen.
Several major chemical companies in Japan recently announced their bright earnings reports for the first half of fiscal year (April 1, 2010 to March 31, 2011) (ie, the second quarter and third quarter of this year).