TOKYO—Zeon Corp. expects growth within its elastomers business in 2024, despite posting a weak set of results for its fiscal 2023, ended March 31.
The division, which includes synthetic rubbers, latex and chemicals, saw a 3-percent year-on-year decline in sales to $1.4 billion (Yen 215 billion).
According to Zeon, the decline in revenues mainly reflected a dip in selling prices for chemicals and general-purpose rubbers.
Operating income for the fiscal year, fell 35 percent year-on-year to $42.9 million as lower volumes and pricing offset improved freight-cost and foreign-exchange effects.
Over the final quarter of the financial year, the elastomers segment reported sales of $361.3 million, up 1 percent compared to the same period the year before.