Mitsubishi Gas Chemical Reports Lower Net Income on Flat Sales

Mitsubishi Gas Chemical (MGC; Tokyo) today announced a major drop in net income in the first quarter of fiscal 2012. The company says that net income in the quarter ended June 30, 2012, was down 40.6%, to ¥4.188 billion ($53.5 million). Sales were flat, at ¥115.43 billion. MGC’s operating income was close to 80% down, at ¥1.1 billion. Earnings per share were ¥9.27 compared, with ¥15.60 per share in the year-earlier quarter. The company’s midterm targets are  sales of ¥600 billion and operating income of ¥40...

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