TOKYO—Japanese materials supplier Shin-Etsu has shown growth within its silicones business for the financial year ended March 31.
The segment's net sales stood at $2.1 billion for the period, up from $1.87 billion registered the year before. It remains Shin-Etsu's second-largest business unit and one of the largest suppliers of silicone rubber globally.
Operating income also increased by about 13 percent to $525 million, Shin-Etsu reported April 26.
The Japanese company attributed the gains to price adjustments and high production rates in response to strong demand.
Overall, Shin-Etsu reported sales of about $13 billion and net income of $2.39 billion—both increases of 10.6 percent and 16.1 percent, respectively, compared to fiscal 2018. It's specialty chemicals business—the firm's third-largest unit—totaled a 3.4 percent increase in sales to $1.05 billion.