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 email@example.com