Mitsubishi Materials turns in favourable Q1 results
August 29, 2011
Mitsubishi Materials Corp. (MMC) is one of Japan’s largest and most diversified industrial conglomerates with activities in cement, copper, aluminium, electronic materials and components, as well as advanced materials which include Powder Metallurgy parts, cemented carbides and diamond tools.
Despite disruptions to the companies operations caused by the earthquake and tsunami in March 2011, MMC was able to report a 5.4% increase in group sales to Yen 353.474 million ($4.609 billion) for the 1st quarter of its fiscal year (April 1-June 30, 2011) compared with the same period in 2010.
It also reported a 34.8% increase in net income to Yen 5.505 million ($71.7 million). The Advanced Materials & Tools segment of MMC, which includes PM parts, carbides and diamond tools production and which makes up approximately 10% of sales, reported a 2.4% increase in sales to Yen 36,322 million ($473.6 million).
MMC’s Tsukuba plant in Joso City and MMC Hard Materials subsidiary were located near the epicentre of the earthquake and suffered damage. However, MMC was able to divert production to its other plants until repairs had been completed.
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