Mitsubishi Reports Huge Fall in Profits and Sumitomo Swings to a Loss; Downgrade Full-Year Projections

Mitsubishi Chemical reported a 60% fall in net profits for the fiscal first nine months ended December 31, 2011, compared with the year-ago period, to ¥32 billion ($421 million). Sales decreased 0.9%, to ¥2.35 trillion. During the nine-month period, the Japanese economy made progress in rebuilding its supply chain and saw a gradual trend towards recovery, following the earthquake and tsunami that hit the country in March 2011. The situation in the Japanese economy became severe again after autumn, due to the impact of the sovereign debt crisis in Europe...

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