TOKYO—Shin-Etsu Group posted increased income and sales thanks in part to gains in its silicones business for the first quarter of fiscal 2018.
The firm's sales and profit increased by 11.8 percent to $3.06 billion and 18.5 percent to $491.2 million, respectively.
Its silicones business reported a 10 percent increase in sales to $457.1 million. The firm cited shipments for functional products in the U.S., Europe and Asia as a primary growth driver. Its semiconductor silicon business reported a 14.3 percent increase to $653.7 million thanks largely to increased demand in a wide range of applications, like smartphones.
Shin-Etsu also made gains with its polyvinyl chloride business, posting a 20.9 percent increase in sales to $1.04 billion. The only unit out of six that reported a decrease was its specialty chemicals business, decreasing 0.7 percent to $258.9 million in sales.
However, despite the strong quarter, Shin-Etsu said that the world economy "contains many uncertain factors and it does not allow a lot of optimism."
Shin-Etsu said its response to the economic situation would include constructing manufacturing bases at optimal locations in the world and strengthening and expanding existing facilities.