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Showa Denko Reports Fall in Quarterly Profits

4:20 AM MDT | April 28, 2011 | Deepti Ramesh

Showa Denko reported a 26% fall in net profits for the first quarter ended March 31, 2011, to ¥2.57 billion ($31.5 million), compared with the year-ago period. Sales for the quarter increased about 3%, to ¥193 billion. The fall in profits reflects the extraordinary losses due to the earthquake that struck Japan on March 11, Showa Denko says. During the first quarter, the Japanese economy was undergoing a process of recovery. However, the economy weakened as a result of the earthquake, Showa Denko says. Showa Denko’s petrochemicals segment recorded a...

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