Mitsubishi Chemical Group reports mixed Q1 results

Mitsubishi Chemical Group reported Q1 sales revenue of 880.7bn yen, down 13.4% year-on-year, and core operating income of 56.6bn yen, declining 11.1%. Net income fell 50.5% to 19.6bn yen, primarily due to reclassifying the Pharma segment as a discontinued operation.

Despite the Q1 decline, the company projects full-year core operating income of 265.0bn yen. The acquisition of Coregas Group for 71.3bn yen is expected to enhance its industrial gas business in Australia and New Zealand.