Trying times for Mitsui

摘要

MITSUI'S HI consolidated operating income fell 21% to Yen23.3bn(US196.1m)from the corresponding period of 2004,down from the Yen27bn projection made earlier this year.'Since July 2005 the business environment has been very difficult,' says a company official.'Crude oil and naphtha costs have been high,and our profit margin for PTA and TDI have both been falling,affecting our business badly.'News of deteriorating PTA margins coincides with the start up last month of a new 500 000 tonne/year third line at its Siam Mitsui joint venture complex in Thailand.The unit was,says Mitsui,built to meet strong Asian PTA demand growth of an expected 7%/year,much of which is expected to come from China.