Mitsubishi and Sumitomo Post First-Quarter Losses; Shin-Etsu Records Big Fall in Profits

Mitsubishi Chemical reported a net loss of about ¥17 billion ($179 million) for the first quarter ended June 30, 2009, compared with a net profit of ¥13.1 billion in the corresponding period of the previous fiscal year, on sales down 28%, to ¥550 billion. The business environment for the company remained severe in the first quarter due to lower sale prices and weakening demand mainly in the performance products and chemicals businesses, Mitsubishi says. The company recorded an operating loss of ¥10.6 billion compared with an operating profit of...

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