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Mitsubishi Chemical Swings to Loss; Downgrades Earnings and Sales Projections

2:59 AM MDT | August 1, 2012 | Deepti Ramesh

Mitsubishi Chemical reported a net loss of ¥5.57 billion ($71.5 million) in the fiscal first quarter, ended June 30, 2012, compared with a net profit of ¥24.46 billion in the year-ago period. Sales decreased 1.57%, to ¥760.25 billion. In the fiscal first quarter, sluggish demand in overseas markets such as China, the continued appreciation of the Japanese currency, and a slowdown in overseas economies induced by the sovereign-debt crisis in Europe resulted in a challenging business environment for the company's performance products and industrial...

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