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Mitsubishi Chemical and Sumitomo Record Huge Rises in Profits

10:21 PM MST | February 3, 2011 | Deepti Ramesh

Mitsubishi Chemical reported more than a seven fold increase in net profits for the nine months ended December 31, 2010 compared with the corresponding period of the previous year, to ¥80.2 billion ($983 million). Sales for the period increased by about 33%, to ¥2.37 trillion, mainly due to a recovery in demand at the company’s performance products and industrial materials business segments, Mitsubishi says. Sales improved also because Mitsubishi Rayon became a consolidated subsidiary of Mitsubishi Chemical in March 2010. Nine-month sales at...

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