Showa Denko Swings to Profit in First Quarter; Upgrades First-Half Forecasts

Showa Denko reported a net profit of ¥3.5 billion ($38 million) in its first quarter ended March 31, 2010, compared to a net loss of ¥22 billion in the year-ago period. Sales increased by 55%, to ¥188 billion. First-quarter sales in the company’s petrochemicals segment increased 60%, to ¥64.2 billion, and the segment recorded operating profits of ¥1.03 billion, compared with an operating loss of ¥523 million in the year-ago period. “While we had shutdown maintenance of our ethylene plant from the middle of March to the end of...

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