Expected higher level of feedstock prices are likely put pressure on profits in H2. Japan's fourth-ranked petrochemical maker Mitsui Chemicals Inc. has estimated a cut in its full-year profit forecast by 14% due to higher feedstock prices. Mitsui's latest projection is 42 billion yen ($354 million) in net profit for the year ending March, as against its previous forecast of 49 billion yen. The revised figure still represents a jump from 26.19 billion yen in net profit.
Adding to the concern of rising prices is intensifying competition with international rivals in Asian markets. Mitsubishi Chemical Holdings Corp. and third-ranked Sumitomo Chemical Co. Ltd. raised their profit forecasts last week after reporting robust growth in H1 amid brisk demand for petrochemicals.
15-Nov-05 
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