Mitsubishi Chemical reports huge fall in profits

Mitsubishi Chemical reported a 71.3% fall in net profits for the fiscal first 9 months ended 31 December 2012, compared with the year-ago period, to ¥9.16 billion ($99 million). Nine-month sales decreased 2.2%, to ¥2.3 trillion. Operating profits decreased 40.9%, to ¥73.5 billion. Sluggish demand in China and the continued appreciation of the Japanese currency, together with a slowdown in overseas economies, resulted in a very challenging business environment for Mitsubishi’s performance products and industrial materials business segments, the...

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