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Asahi Kasei FY2020 net profit falls nearly by a quarter on weak materials business

May 17/2021

MOSCOW (MRC) -- Asahi Kaseis net profit for the fiscal year ending March 2021 slumped by 23.2%, weighed down by weakness in its materials business, and as the company booked a one-off loss for the period, as per the Japanese producer's statement.

The materials segment was hit by global economic deterioration amid the coronavirus pandemic.

Sales for the segment declined by 9.3% year on year to Y991.2bn, with operating profit falling by 28% to Y66.5bn.

Performance recovered from the second quarter with recovery of automotive-related markets and recovery of petrochemical market prices, but there was a significant impact from the pandemic especially in the first quarter, Asahi Kasei said.

Meanwhile, the sharp decline in net income was caused by an extraordinary loss of Y22.3bn for the fiscal year 2020 incurred because of a semiconductor plant fire.

For the fiscal year ending March 2022, Asahi Kasei expects higher sales and operating income, backed by significant recovery of performance in Material, aided by improving automotive, petrochemicals and apparel-related markets.

As MRC informed before, in July 2019, Asahi Kasei decided to expand its plant for the artificial suede LamousTM in Nobeoka, Miyazaki Prefecture, Japan, by four million m2/year, increasing the total production capacity to 14 million m2/year upon completion in 2021.

Asahi Kasei Corporation is a multinational Japanese chemical company. Its main products are chemicals and materials science. It was founded in May 1931, using the paid in capital of Nobeoka Ammonia Fiber Co., Ltd, a Nobeoka, Miyazaki based producer of ammonia, nitric acid, and other chemicals. Now headquartered in Tokyo, with offices and plants across Japan, as well as China, Singapore, Thailand, USA and Germany.
Author:Margaret Volkova
Tags:car components, nonwovens, petrochemistry, cable, Asahi Kasei, Japan.
Category:General News
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