Japanese firms report sharply lower results

Leading Japanese chemical companies reported lower earnings and sales for the nine months ended 31 December 2012, as the slowing global economy, weak demand in overseas markets including China, and the continued appreciation of the Japanese currency affected financial performance. Mitsubishi Chemical reported a 71.3% fall in net profits, compared with the year-ago period, to ¥9.16 billion ($99 million). Sales decreased 2.2%, to ¥2.3 trillion. Operating profits decreased 40.9%, to ¥73.5 billion. Nine-month sales at Mitsubishi’s chemicals business decreased by...

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