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TOSOH TOSOH CORPORATION NEWS RELEASE August 3 , 2021 Tosoh Reports First - Quarter Consolidated Results for Fiscal 2022 Tokyo , Japan - Tosoh Corporation is pleased to announce its consolidated results for the first quarter of fiscal 2022 , from April 1 , 2021 , to June 30 , 2021. The company's consolidated net sales totaled ¥ 201.2 billion ( US $ 1.8 billion ) , up ¥ 44.7 billion , or 28.5 % , compared with consolidated net sales in the first quarter of fiscal 2021. The increase was attributable to higher selling prices due to increases in prices of raw materials and fuels such as naphtha and to improved conditions in overseas markets . Operating income also increased , ¥ 31.0 billion , compared with operating income in the same period the preceding year , to a surplus of ¥ 30.1 billion ( US $ 274.9 million ) . The increase resulted from improved terms of trade as the impact of higher raw material and fuel costs was outweighed by higher selling prices . A decrease in foreign exchange losses resulting from a weaker yen led to an increase in ordinary income of ¥ 32.6 billion compared with the first quarter of fiscal 2021 , to a total of ¥ 32.1 billion ( US $ 293.2 million ) . And net profit attributable to owners of the parent company increased ¥ 23.7 billion , resulting in a surplus of ¥ 21.7 billion ( US $ 198.2 million ) . During the first quarter of the current fiscal year ( April 1 , 2021 , to June 30 , 2021 ) , expectations for the normalization of economic activities in Japan heightened with the progress of vaccinations against coronavirus infections . The future of the Japanese economy remains uncertain , though , due to the recent spread of infections caused by coronavirus variants . And although economic activities on a global scale are on a recovery track , especially in developed countries where vaccination is progressing , there are regional differences in the recovery of demand due to the relaxation of restrictions on economic activities and economic measures . As a result , the future outlook is difficult to forecast . Results by business segment Petrochemical Group Petrochemical Group net sales rose ¥ 18.1 billion , or 77.3 % , to ¥ 41.5 billion ( US $ 379.0 million ) , compared with group net sales in the first quarter of fiscal 2021. Operating income likewise increased , ¥ 7.8 billion , resulting in a surplus of ¥ 4.7 billion ( US $ 42.9 million ) . This increase was driven by an increase in shipments of a wide range of products , improved terms of trade primarily for olefin products , and an improvement in the difference between product receipts and payments due to higher prices for raw materials such as naphtha . Shipments of olefin products , such as ethylene and propylene , increased due to a rise in production volume in line with this not being a scheduled maintenance year . Moreover , product prices rose , driven by higher prices for raw materials and fuels such as naphtha and improved terms of trade in overseas markets . 3-8-2 , Shiba , Minato - ku , Tokyo 105-8623 , Japan Tel : +81 ( 3 ) 5427 5118 Fax : +81 ( 3 ) 5427 5198 jeff.markley@tosoh.com www.tosoh.com