OREANDA-NEWS. Sojitz Corporation’s consolidated business results for the first quarter of fiscal 2013 are presented below.

Consolidated net sales declined 0.3% year on year to 1,007,422 million yen even as the Consumer Lifestyle Business Division and the Chemicals Division's overseas subsidiaries achieved net sales growth, partly by virtue of the yen depreciation.

The Machinery segment's net sales also increased due largely to fulfillment of large steelmaking machinery orders. However, these increases were outweighed by a decline in the Energy & Metal Division's net sales due largely to divestment of a petroleum product sales subsidiary in the previous fiscal year.

Consolidated gross profit increased 1,678 million yen year on year to 49,954 million yen. Divisions that achieved gross profit growth include Chemicals and Consumer Lifestyle Business. The former's growth was largely due to yen depreciation while the latter's was driven chiefly by its fertilizer business. Their profit growth offset a decline in the Energy & Metal Division's gross profit due largely to lower sales prices.

Consolidated operating profit increased 2,165 million yen year on year to 11,184 million yen as a result of gross profit growth coupled with reduction in general, selling and administrative (SG&A) expenses.

Consolidated profit before tax grew 4,179 million yen year on year to 13,966 million yen, lifted by growth in profit from investments accounted for using the equity method in addition to operating profit growth.

Consolidated profit for the period was 9,254 million yen after deduction of 4,712 million yen in income tax expenses from the 13,966 million yen in consolidated profit before tax. Profit for the period (attributable to owners of the Company) increased 967 million yen year on year to 7,944 million yen.

Consolidated comprehensive income for the period was ?26,118 million, a 34,490 million yen year-on-year increase largely attributable to improvement in foreign-currency translation differences for foreign operations in the wake of the yen depreciation, in addition to growth in profit for the period.

Consolidated comprehensive income for the period (attributable to owners of the Company) totaled 24,298 million yen, a 33,294 million yen increase from the year-earlier period.