Tokyo – Japanese synthetic rubber supplier JSR Corp. has posted a 45% year-on-year decline in earnings from its elastomers business’ in the first half of 2018 financial year, ending March 2019.
Operating profit stood at Yen4.7 billion (€36.6 million) in the first six months of the financial year, compared to Yen8.5 billion in the first half of 2017, JSR reported 29 Oct.
Sales at the elastomers business rose 6% to over Yen99bn, despite 1% lower volumes.
JSR linked the earnings decline to an unfavourable prior-year comparison. This, it said, did not reflect a time-lag between rising raw-materials prices and improved selling prices in the first half of 2017.
Additionally, the Japanese company noted a decrease in cost of sales (COGS) due to an accumulation of inventories in the prior-year period.
In 2018, however, the company noted an increase in costs, including selling expenses.
JSR lists its elastomers portfolio as including: SBRs, polybutadiene, polyisoprene, nitrile rubber, butyl rubber, ethylene propylene rubber as well as blends of nitrile rubber and PVC.