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Mitsubishi Chemical and Sumitomo Swing to Profit

1:40 AM MDT | November 2, 2010 | Deepti Ramesh

Mitsubishi Chemical reported a net profit of ¥44 billion ($546.5 million) for the fiscal first half ended September 30, 2010, compared with a net loss of ¥2.5 billion in the year-ago period. Sales increased 37%, to ¥1.56 trillion. The increase in sales was a result of higher selling prices and the recovery in demand in 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. Mitsubishi’s...

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