Asahi Kasei and Teijin Report Falls in Profits

Asahi Kasei and Teijin have reported a decline in profits for the fiscal first nine months ended December 31, 2011. Asahi Kasei has recorded a 4.4% fall in net profits for the nine months ended December 31, compared with the year-ago period, to ¥48.06 billion ($631 million). Sales increased 4%, to ¥1.2 trillion, mainly due to strong sales in the company’s home segment. Net profits were affected by the reversal of deferred tax assets due to an amendment to the Japanese tax system, Asahi Kasei says. During the nine-month period, the global economy was...

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