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Idemitsu Kosan’s petrochemical business reports fall in profits

12:32 AM MDT | August 5, 2014 | Deepti Ramesh

The petrochemical business of Idemitsu Kosan reports a 35.1% fall in operating profits for the company's fiscal first quarter, ended 30 June, compared with the year-ago period, to ¥6.45 billion ($63 million). First-quarter sales at the petrochemical business increased 21.7%, to ¥181.36 billion. Operating profits decreased because of lower product margins with lower market prices for para-xylene and other products, Idemitsu says. Demand for petrochemical products during the quarter was flat compared with the same period in the previous fiscal year...

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