Shin-Etsu Reports Rise in Profits and Sales

Shin-Etsu Chemical reported a 75.5% rise in net profits for the fiscal first half ended September 30, 2010, to ¥62.3 billion ($769 million), compared with the year-ago period, on sales up 28%, to ¥532.5 billion. The rise in profits was partly due to a refund of corporate taxes paid in the previous fiscal years, after Japanese and U.S. tax authorities reached an agreement settling a dispute on transfer pricing taxation, Shin-Etsu says. The company’s polyvinyl chloride (PVC) business reported first-half sales of ¥146.5 billion and operating...

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