Japan’s Hitachi Chemicals reported that in the period from April 1 through to September 30, 2013, sales in its two “Functional Materials” and “Advanced Components & Systems” divisions increased by 3.8% compared with the same period last year to Yen 243,046 billion ($2.465 billion). Net income increased by 64.3% to Yen 14,787 billion ($150 million) due to extraordinary profit from the compensation payment from the Tokyo Electric Power Company after the Fukushima Dai-ichi Nuclear Power Station accident.
The Advanced Components and Systems division includes PM parts, bearings and sintered friction materials produced in Japan, Thailand, China and North America, plus plastic moulded parts, vehicle and industrial batteries and printed circuit boards. Sales of this division totalled Yen 111,690 billion ($1.133 billion), an increase of 2.2% on the previous financial year. The increase for PM parts sales was attributed to higher demand in North America.