Mitsubishi Chemical and Sumitomo Report Huge Falls in Profits

Mitsubishi Chemical reported a 57.5% fall in net profits for the fiscal year ended March 31, 2012, compared with the previous fiscal year, to ¥35.5 billion ($446 million). Sales for the fiscal year increased 1.3%, to ¥3.2 trillion, despite a fall in demand in the company’s performance products and industrial materials business segments, partly due to additional sales posted for some overseas subsidiaries, in accordance with a change in their accounting periods, Mitsubishi says. Operating profits decreased 42.3%, to ¥130.6 billion, and ordinary...

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