Japanese chemical company Tosoh Corporation reported a net loss of ￥900 million ($8.4 million) in the April-June quarter of 2020, as operating income decreased by ￥17.0 billion. The plummeting income was a result of worsening trade conditions when sales volume and sales prices declined due to the coronavirus pandemic. Tosoh ordinary income fell ￥15.9 billion from a year earlier to a loss of ￥500 million ($4.6 million).
The company’s consolidated net sales were down by ￥36.3 billion or 18.8% year-on-year to ￥156.5 billion ($1.4 billion). The decrease was attributed to a decline in global demand and naphtha prices caused by the spread of COVID-19. Net loss attributable to owners of the parent company stood at ￥2.0 billion ($18.6 million).
