Tosoh group pretax profit falls

Leading Japanese chemical maker Tosoh Corp. said on 16 May that its group pretax profit for the year ended 31 March 31 fell 55.6% from the year before to JPY 11.09 billion as its profits were pressure…

Leading Japanese chemical maker Tosoh Corp. said on 16 May that its group pretax profit for the year ended 31 March 31 fell 55.6% from the year before to JPY 11.09 billion as its profits were pressured by a sharp deterioration in demand for products related to information technology. Group sales inched up 0.3% to JPY 427.49 billion, however, helped by an increase in overseas sales thanks to the yen“s depreciation, the company said. On a consolidated net basis, Tosoh“s profit dropped 95.1% to JPY 459 million due mainly to booking an extraordinary loss totaling JPY 10.63 billion, including JPY 4.25 billion in appraisal losses on its securities holdings and JPY 4.23 billion in expenses to write off liabilities related to retirement allowances, it said. Despite the poor business performance, Tosoh will pay a year-end dividend of JPY 5 per share, the same as the previous year, it said. For fiscal 2002 through March 31, 2003, the company expects to post a group pretax profit of JPY 25 billion and net profit of JPY 9 billion on projected sales of JPY 470 billion.