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Jan. 28, 2020, 2:36 a.m. EST

Profit falls at Shin-Etsu Chemical

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By Kosaku Narioka

Shin-Etsu Chemical Co. Ltd. (4063.TO) said Tuesday its third-quarter net profit fell 1.8% from a year earlier due to weaker plastic sales despite steady earnings from its semiconductor silicon business.

Net profit for the quarter ended December was 81.8 billion yen ($751.1 million), compared with Y83.3 billion a year earlier, said Shin-Etsu, the world's biggest supplier of semiconductor silicon and polyvinyl chloride. That beat expectations for net profit of Y78.05 billion, according to a FactSet poll of analysts.

Operating profit fell 18% in the third quarter for its polyvinyl chloride resins and chlor-alkali business, while operating profit from its semiconductor silicon business increased 0.8%.

Third-quarter revenue decreased 6.7% from a year earlier to Y387.4 billion. That fell short of the FactSet estimate for Y399.36 billion.

Shin-Etsu Chemical kept its revenue and net-profit forecasts unchanged for the full year ending March. It expects revenue to drop 2.8% and net profit to increase 1.6%.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

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