Tokyo – Zeon Corp. has seen its results lifted in the first quarter of financial year 2021 despite supply chain disruptions during the three months to end of June.
The Elastomer Business – which includes the manufacture of synthetic rubber, latexes and rubber chemicals – saw operating income increase to Yen6.1 billion, from a loss of Yen100 million reported in the first quarter of 2020.
Sales were up 31% year-on-year at Yen48.7 billion as all segments reported growth, led by latexes which posted a 135% increase.
Sales volumes rose 20% year-on-year with synthetic rubbers increasing 35% and latexes 23%, offsetting a 10% decline in chemicals volumes.
Quarter-on-quarter, however, Zeon saw profits decline despite higher sales.
According to Zeon, demand was steady, but some shipments were delayed due to a shortage of export containers.
Operating income fell 14% quarter-on-quarter due to rising prices of raw materials and a substantial increase in ocean freight charges, Zeon said.
Net were sales up owing to price adjustment associated with increase in price of raw materials