Mitsui Chem operating profit seen jumping 80% in April-September

MOSCOW (MRC) -- Mitsui Chemicals' operating profit for the April-September half is expected to leap 80% from a year ago to around 33 billion yen (USD263 million), thanks to strong sales of automotive materials, said Nikkei.

Net profit is also likely to rocket 150% on the year to around 18 billion yen. Both figures are remarkable turnarounds from the company's initial forecasts calling for a 3% fall in operating profit and a more than 30% drop in net profit.

Operating profit during the April-June quarter looks to have doubled on the year to over 20 billion yen. A surging auto market in the Americas lifted sales of the Japanese chemical maker's functional polymeric materials. Increased production of polypropylene materials used in bumpers and interior fixtures also buoyed profits in the mobility business, which handles automotive materials.

Chemical exports are strong now that overseas prices have stabilized. Domestic ethylene production is operating at high capacity, boosting the manufacturer's profitability. The weak yen is also boosting profits on sales overseas.

Profits in Mitsui Chemicals' food and packaging business are surpassing expectations, led by brisk sales of films and other materials used in packaging for food products and household goods. The company's health care business, another target for expansion, is also on the rise as sales of materials used in dentistry, optical lenses and other fields grow.

Initial estimates projected operating profit for the year ending next March to jump 24% to 52 billion yen. As expectations mount for a successful first half, fiscal 2015 profits could soar above 60 billion yen, the goal that Mitsui Chemicals' midterm business plan sets for fiscal 2016. The company could find itself there a year ahead of schedule.

As MRC informed before, Mitsui Chemicals Mitsui Chemicals said it is restructuring its organization as part of the company's effort to accelerate business strategy, new business and product creation strategy, and business support strategy.

Mitsui Chemicals,a Japanese chemical company, is a part of the Mitsui conglomerate. The company has a turnover of around 15 billion USD and has business interests in Japan, Europe, China, Southeast Asia and the USA. The company mainly deals in performance materials, petro and basic chemicals and functional polymeric materials.

MRC

MOSCOW (MRC) -- Jilantai Salt Chemical has restarted a polyvinyl chloride (PVC) plant following maintenance turnaround, reported Apic-online.

A Polymerupdate source in China informed that the plant restarted on July 20, 015. It was shut on May 26, 2015.

Located in Inner Mongolia, the plant has a production capacity of 400,000 mt/year.

As MRC informed before, Junzheng Chemical restarted its PVC plant in mid-July 2015 following maintenance turnaround. It was shut in mid-June2015. Located at Wuhai in Inner Mongolia, the plant has a production capacity of 320,000 mt/year.

Besides, Yili Nangang Chemical shut down its PVC plant for maintenance turnaround on June 25, 2015. It is likely to remain off-stream for around one month. Located in Xinjiang, China, the plant has a production capacity of 120,000 mt/year.
MRC

MOSCOW (MRC) -- Eastman Chemical Company is increasing prices on the following products August 1, 2015, or as contracts allow, reported the producer on its site.

These increases are due to elevated operating costs, especially in raw materials.

Thus, EASTMAN is raising off-list prices of isophthalic acid by USD 0.02/lb (USD 0.04/kg) in North America.

As reported earlier, in May 2015, the board of directors of Eastman Chemical Company declared a quarterly cash dividend of USD0.40 per share on the company's common stock. The dividend is payable July 1, 2015, to stockholders of record as of June 15, 2015.

We also remind that, as MRC informed before, in December 2014, Eastman Chemical Company announced the completion of its acquisition of Taminco Corporation, a global specialty chemical company, for a total of USD2.8 billion in cash and assumed debt. The acquired Taminco businesses are expected to be accretive to 2015 earnings per share by greater than USD0.35, excluding acquisition-related costs and charges, and to 2016 earnings per share by greater than USD0.60.

Eastman is a global specialty chemical company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction and consumables. Eastman focuses on creating consistent, superior value for all stakeholders. As a globally diverse company, Eastman serves customers in approximately 100 countries and had 2014 revenues of approximately USD9.5 billion. The company is headquartered in Kingsport, Tennessee, USA and employs approximately 15,000 people around the world.
MRC

MOSCOW (MRC) -- Belgian PVC window frames maker Deceuninck said on Wednesday it expected net profit to rise in the second half of 2015, adding that it would be able to pass on higher raw material prices to customers, said Reuters.

The group said prices for PVC had reached a record level after four consecutive raw material cost increases since March.

In the first half, the group saw an increase in sales in all of the regions where it does business, except for central and eastern Europe, especially due to lower sales in Russia.

Deceuninck made a net profit of 4.7 million euros (USD5.14 million) in the first half, well above the 0.4 million in the same period last year. (USD1 = 0.9142 euros).

As MRC informed earlier, Deceuninck North America, a leading designer and manufacturer of high-quality systems for windows, doors, and outdoor living, has recently added three PVC lineal lamination lines to its existing lamination capabilities to meet consumer demand for a wider variety of color customization options.

Deceuninck NV is a Belgian designer and producer of PVC systems for windows and doors, interior, roofline & cladding and terraces. The company extrudes PVC and the single base material Twinson. Founded in 1937, with its headquarters in Hooglede-Gits, the Deceuninck Group operates in more than 75 countries and has 35 subsidiaries across Europe, North America and Asia, including the United States, United Kingdom, Russia and Turkey.
MRC

MOSCOW (MRC) -- Alpek SAB, the polyester-manufacturing unit of Mexican conglomerate Alfa SAB, jumped the most since February after profit surged in the second quarter, said Bloomberg.

Shares climbed 4 percent to 24.16 pesos at 9:09 a.m. in Mexico City, the best performance on the benchmark IPC equity index, which dropped 0.2 percent. Alpek earlier gained 7.7 percent, the biggest intraday advance since Feb. 24. Alfa increased 2.4 percent to 33.50 pesos.

Alpek’s net income in the last quarter was 1.3 billion pesos (USD80.8 million), compared with a forecast of 549 million pesos from Banco Bilbao Vizcaya Argentaria SA. Earnings before interest, taxes, depreciation and amortization rose 55 percent to USD195 million from a year earlier. The company raised its 2015 projection Wednesday for so-called Ebitda to USD585 million.

The company cancelled a joint venture (JV) with Russia’s United Petrochemical Co (UPC) to build a purified terephthalic acid (PTA) and polyethylene terephthalate (PET) plant in Russia’s independent republic of Bashkortostan.

Alpek is the largest petrochemical company in Mexico and the second largest in Latin America. The company operates through two business segments: Polyester chain products (PTA, PET and polyester fibers), and Plastics and Chemicals products (PP, EPS, caprolactam, polyurethanes and other specialty and industrial chemicals). Alpek is a leading producer of PTA and PET worldwide, operates the largest expandable polystyrene plant in America and one of the largest polypropylene plants in North America. It is also the only producer of caprolactam in Mexico.
MRC