Shin-Etsu Reports Huge Rise in First-Quarter Profits and Sales

摘要

Shin-Etsu Chemical recorded a more than doubling in net profits for its first quarter ended June 30, to ?5.7 billion ($410 million), compared with the year-ago period. Sales increased nearly 37%, to ?60 billion. The rise in net profits was partly due to the refund of corporate taxes paid in the previous fiscal year, after Japanese and U.S. tax authorities reached an agreement settling a dispute on transfer pricing taxation. Shin-Etsu's polyvinyl chloride (PVC) business reported first-quarter sales of ?0.3 billion and operating profits of ?.1 billion.