Asahi Kasei group net profit plunges 79.4% in FY 2001.

TOKYO, May 14 Kyodo

Chemical maker Asahi Kasei Corp. said Tuesday its group net profit dived 79.4% in the year to March 31 to 5.18 billion yen partly on covering a shortfall in reserves for paying retirement benefits as in the previous year.

Per-share net profit came to 3.61 yen, down sharply from 17.45 yen the previous year.

Asahi Kasei also attributed the net profit fall to the lack of the previous year's profit from the establishment of a trust of shares with latent profits at a trust bank to pay retirement benefits.

The establishment enabled it to book a 35.6 billion yen profit in the previous year.

Group pretax profit plummeted 54.1% to 39.85 billion yen on a 5.8% fall in sales to 1,195.39 billion yen.

The firm attributed the pretax profit dive to a deterioration in performances at its divisions in charge of making chemicals, housing material and electronics equipment.

Still, Asahi Kasei said it will keep its full-year per-share dividend unchanged at 6 yen.

In the year to March 31, 2003, it forecast its group net and pretax profits will come to 9 billion yen and 36 billion yen respectively on projected sales of 1,195 billion yen.