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Asahi Kasei Reports Huge Fall in Profits

1:14 PM MDT | August 3, 2012 | Deepti Ramesh

Asahi Kasei reported an 83.7% fall in net profits for its fiscal first quarter, ended June 30, 2012, compared with the first quarter of the previous fiscal year, to ¥3.15 billion ($40 million). Sales decreased by 0.8%, to ¥365 billion. The results largely reflect the effects of decreased export demand and lower selling prices in the chemicals and electronics segments, although the impact was partly alleviated by continuing favorable performances in the homes and health care segments, Asahi says. The global economy entered a broad downturn during the...

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