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Multiple factors lead to a drop in demand
Multiple factors lead to a drop in demandAffected by the new crown pneumonia epidemic in Japan, major Japanese chemical companies have postponed their results for the 2019 fiscal year (April 1, 2019 to March 31, 2020) originally scheduled to be announced in early May to late May or even June.
.
Mitsubishi Chemical Holdings said the coronavirus outbreak dampened global economic activity in the fourth fiscal quarter
.
Mitsubishi Chemical Holdings
Operating profit at the chemicals business, Mitsubishi Chemical's largest segment, fell 76% to 30.
2 billion yen, compared with 127.
9 billion yen in the previous year; sales were 1.
05 trillion yen, down 17% year-on-year
.
Photo of Mitsubishi Chemical's exhibition, taken by Aibang at K 2019
Sumitomo Chemical said its net profit in fiscal 2019 fell 73.
4% to 30.
9 billion yen; sales fell 2.
5% to 2.
3 trillion yen
.
Sumitomo Chemical
Photo of Sumitomo Chemical's exhibition Aibang was taken at the 2019 China Rubber and Plastics Exhibition
Asahi Kasei reported that net profit for the fiscal year fell 29.
5% to 103.
8 billion yen; sales were 2.
15 trillion yen, down 0.
9%
.
Asahi Kasei
Asahi Kasei's photo of Aibang's exhibition was taken at the 2019 China Rubber & Plastics Exhibition
Mitsui Chemicals ' annual financial report showed that the company's net profit fell 50% to 37.
9 billion yen; net sales were 1.
3 trillion yen, down 10%
.
Mitsui Chemicals
The picture of Mitsui Chemicals exhibition was taken by Aibang at the 2019 China Rubber and Plastics Exhibition
Toray 's consolidated financial results have been delayed until May 28
.
Toray
Toray exhibits pictures taken by Aibang
Shin-Etsu Chemical is the only major Japanese chemical company that has seen an increase in net profit
.
Shin-Etsu Chemical
For the Japanese chemical industry under the new crown pneumonia epidemic, the international market does not make optimistic forecasts
.
IHS Markit said that the Japanese government announced a 108 trillion yen economic package in April aimed at mitigating the adverse economic impact of the spread of the new crown epidemic, but due to the significant impact of the epidemic on global markets, only domestic economic stimulus A boost seems unlikely, with Japan's real GDP contracting further in 2020
.
This is especially true for Japanese chemical companies with active overseas operations
.
The sharp drop in global demand and supply chain disruptions caused by the Covid-19 pandemic are expected to cut exports and dampen private investment, likely driving some Japanese companies to invest in fixed assets
.
IHS Markit has cut its growth forecast for Japan's chemical industry due to the spread of the new crown epidemic
.
In addition, a sharp decline in global demand, particularly in the United States and mainland China, will affect Japan's chemical exports and dampen industrial production in 2020 by affecting supply chains
.
