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Shin-Etsu Reports Fall in Profits and Sales

5:29 AM MDT | July 27, 2011 | Deepti Ramesh

Shin-Etsu Chemical reported a 33% fall in net profits for the fiscal first quarter ended June 30, 2011, compared with the year-ago period, to ¥23.8 billion ($306 million). Sales decreased nearly 4%, to ¥250 billion. The net profits were impacted by extraordinary losses of ¥5.3 billion incurred due to the earthquake and tsunami that struck the northeast of Japan on March 11, Shin-Etsu says. And the net profits in the year-ago period included a refund of corporate taxes paid in the previous fiscal years, after Japanese and U.S. tax authorities reached...

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