Tokyo -- Tosoh Corp’s profits declined during the first nine months of fiscal 2016 compared to the same period in 2015 due to losses it has had to carry forward following its full incorporation of Nippon Polyurethane Industry in 2014.
The firm’s financial report said “ordinary income [in fiscal 2016] was YEN48.5bn (US399m) a rise of YEN6.2bn, or 14.7%, compared with ordinary income for the same nine month period in fiscal 2015.
The company’s consolidated net sales amounted to YEN571.7 bn down YEN18bn, or 3.1%, on the same period a year earlier.
Tosoh's urethane raw materials business sits in its Chlor-Alkali Group. Shipments of urethane raw materials increased in the nine month period, but "product prices fell amid a decline at overseas markets," the firm added.
Overall sales in the Chlor-Alkali Group, which contains high volume businesses such as caustic soda, vinyl chloride monomer and PVC as well as cement and urethane raw materials, were YEN 213bn and operating income was YEN 10.3bn.
Tosoh and NPU have been merging for a number of years and the latter firm was fully in Tosoh's control from 2012, as reported at UTECH-polyurethane.com previously.