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Idemitsu Kosan's petchem business reports fall in sales, operating profits

5:30 AM MST | November 6, 2012 | Deepti Ramesh

The petrochemical business segment of Idemitsu Kosan reported a 4.7% fall in sales in its fiscal first half, ended 30 September 2012, compared with the year-ago period, to ¥252.7 billion ($3.15 billion), mainly because of a decline in sales volumes as a result of sluggish demand from China, as well as the drop in naphtha prices. Operating profits for the petrochemical business decreased by 24.1%, to ¥5.7 billion, despite a reduction in costs, because of poor product margins and the decline in sales volumes, Idemitsu...

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