Mitsubishi Rayon and Idemitsu Kosan Each Announce Falls in Annual Profits

Mitsubishi Rayon reported a 54% decline in net profits, to ¥14.3 billion ($137.5 million) for the fiscal year ended March 31, 2008. Sales were up marginally, by 0.4% to ¥418.5 billion. The strengthening of the yen against the dollar and the increasing price of naphtha from Japanese refineries had a negative impact on the company’s results, Mitsubishi Rayon says. The company recognized actuarial losses on its pension plan resulting from changes in actuarial assumptions totaling ¥2.8 billion in the year ended March 2007, which it amortized in lump...

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