TOKYO—Denka Corp.'s elastomers and infrastructure business, which includes chloroprene rubber and cement units, has seen a trend reversal in its third quarter results.
The unit, which swung into profit in the second quarter of the fiscal year, saw operating income going into the red with a loss of $9.9 million for the three months ended Dec. 31, 2022.
Overall, for the first nine months of the year, the segment reported a marginal year-on-year loss mitigated by a $11.4 million recovery in the second quarter.
Segment sales rose 17 percent during the nine-month period to $720 million, driven by price hikes.
For the full year, ending March 31, Denka expects a segment operating loss of $11.4 million, down from an earlier estimate of $26.7 million profit in November last year.
Segment sales are estimated to come in at $952 million, down 15 percent from the $1 billion outlook presented in November.