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Shin-Etsu Reports Huge Rise in First-Quarter Profits and Sales

1:54 AM MDT | July 22, 2010 | Deepti Ramesh

Shin-Etsu Chemical recorded a more than doubling in net profits for the first quarter ended June 30, 2010, to ¥35.7 billion ($410 million), compared with the year-ago period. Sales increased nearly 37%, to ¥260 billion. The rise in net profits was partly due to the refund of corporate taxes paid in the previous fiscal year, after Japanese and U.S. tax authorities reached an agreement settling a dispute on transfer pricing taxation. Shin-Etsu’s polyvinyl chloride (PVC) business reported first-quarter sales of ¥70.3 billion and operating profits...

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