Mitsubishi Swings to Profit; Upgrades Earnings and Sales Forecasts

Mitsubishi Chemical reported a net profit of ¥24.5 billion ($285 million) for its fiscal first quarter ended June 30, compared with a net loss of about ¥17 billion in the corresponding period of the previous fiscal year, on sales up 41%, to ¥776 billion. The business environment was generally favorable due to higher selling prices and a recovery in demand in the performance products and industrial materials segments, Mitsubishi says. Sales improved also because Mitsubishi Rayon became a consolidated subsidiary of Mitsubishi Chemical in March 2010...

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