Tosoh reports huge fall in profits; downgrades earnings, sales projections

Tosoh recorded a 96.9% fall in net profits for its fiscal first half, ended 30 September 2012, compared with the year-ago period, to ¥310 million ($3.9 million). Sales decreased 15.2%, to ¥311.8 billion. Operating profits for the first half decreased by 77.8%, to ¥4.8 billion. In the first and second quarters of the fiscal year, the Japanese economy showed signs of recovery following the March 2011 earthquake and tsunami there, Tosoh says. The economic recovery, however, tapered off in the second quarter of the fiscal year because of falling overseas...

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