Tokyo — Japanese polyurethane raw materials maker Mitsui generated sales of JPY 342bn ($3.1bn) in the first quarter of 2019. This is down 3.9% on the equivalent period last year.
Operating profit across the business fell by 21.3% to JPY 20.7m in the first quarter of 2019.
The company's basic materials business is home to diisocyanate products. Sales in this business fell by 3.8% between Q1 2018 and Q1 2019, to JPY 163.5bn in the Q1 2019 period. This compares with JPY 170bn in the equivalent period last year.
In the quarter, Mitsui said that larger volumes contributed about JPY 2.1bn to sales, but this was wiped out by a JPY 8.7bn decline in prices.
Operating profit in the division fell by 44.5% to JPY 6.1bn in the first quarter of 2019. This compares with the JPY 11bn achieved in the equivalent period last year.
When the sales figures fed through to the operating profit line, the higher volume cost the company JPY 0.8bn, weaker overseas markets cost a further JPY 4.4bn, and costs increased by JPY 0.3bn
Currency conversion XE.com
| Mitsui numbers Q1 2019 (JPY bn) | |||
|---|---|---|---|
| Group | H1 2019 | H1 2018 | Change % |
| Sales | 342 | 356 | -3.93 |
| Operating Profit | 20.7 | 26.3 | -21.29 |
| Margin % | 6.1 | 7.4 | |
| Basic Materials | |||
| Sales | 163.5 | 170 | -3.82 |
| Operating Profit | 6.1 | 11 | -44.55 |
| Margin % | 3.7 | 6.5 | |
| Source: Mitsui | |||
