Mitsubishi Chemical reports huge fall in profits

Mitsubishi Chemical reported a 91% fall in net profits for its fiscal first half, ended 30 September 2012, compared with the year-ago period, to ¥3.3 billion ($41 million). Sales decreased 2.5%, to ¥1.52 trillion. Operating profits for the fiscal first half decreased 57%, to ¥41.1 billion. Sluggish demand in China and the continued appreciation of the Japanese currency, together with a slowdown in overseas economies, resulted in a very challenging business environment for Mitsubishi’s performance products and industrial materials business...

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