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Shin-Etsu Chemical receives lower FY profit, raises dividend

May 20/2021

MOSCOW (MRC) -- Shin-Etsu Chemical Co. Ltd. has reported that its fiscal year ended March 31 net income attributable to owners of parent declined 6.5 to 293.73 billion yen from last year's 314.03 billion yen, said the company.

Earnings per share were 706.26 yen compared to 755.01 yen last year.

Operating income declined 3.4 percent from last year to 392.21 billion yen.

Net sales were 1.50 trillion yen, down 3 percent from 1.54 trillion yen a year ago.

Further, the company announced that the year-end dividend for the fiscal year is planned to be 140 yen per share, compared to previous forecast of 130 yen per share. The annual dividend will be 250 yen per share, 30 yen up from the last fiscal year.

As MRC reported earlier, Shin-Etsu has declared force majeure (FM) on shipments of all polyvinyl chloride (PVC) grades from its plant in Pernis, the Netherlands. Thus, FM was declared on PVC supplies from this plant with the capacity of 450,000 mtyear on 6 May, 2021, following a critical and unforeseen leakage at the upstream vinyl chloride monomer (VCM) production plant in the Netherlands.

We remind that the completion of Shintech's USD1.49 billion expansions across the PVC chain at its Louisiana complex has been pushed back to the first quarter of 2021 from late 2020 because of a slowdown in the work to ensure safety protocols on coronavirus pandemic concerns. Shintech, the North American division of one of the largest Japanese companies - Shin-Etsu Chemical Co. Ltd.
Author:Margaret Volkova
Tags:PVC, SPVC, Shin-Etsu, Netherlands, USA, Japan.
Category:General News
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